The dollar is rising against all of its major competitors Tuesday afternoon as trade war concerns have sprung back to the forefront. Bloomberg reported Monday that the U.S. is readying new tariffs worth $257 billion on all remaining Chinese imports that have not been affected so far.
The announcement could come by early December, if talks next month between U.S. President Donald Trump and Chinese President Xi Jinping fail to ease the trade tensions.
A report released by the Conference Board on Tuesday showed a continued increase in U.S. consumer confidence in the month of October. The Conference Board said its consumer confidence index rose to 137.9 in October from a downwardly revised 135.3 in September.
Economists had expected the consumer confidence index to drop to 136.3 from the 138.4 originally reported for the previous month.
The dollar has climbed to around $1.1345 against the Euro Tuesday afternoon, from an early low of $1.1386.
The euro area economy grew at a slower pace in the third quarter, preliminary flash estimate from Eurostat showed Tuesday.
Gross domestic product expanded only 0.2 percent sequentially after rising 0.4 percent in the second quarter. The rate was forecast to remain at 0.4 percent.
Elsewhere, survey data revealed further deterioration in economic confidence in Eurozone. The economic sentiment index slid to 109.8 in October from 110.9 a month ago.
Germany’s jobless claims decreased in October from the previous month, data from the Federal Labor Agency showed Tuesday.
Jobless claims decreased by adjusted 11,000 in October from the previous month compared to the expected fall of 12,000.
The unemployment rate held steady at 5.1 percent, in line with expectations, and also the lowest since German reunification in 1990.
Germany’s consumer price inflation reached its highest level since late 2008, preliminary data from Destatis showed Tuesday. Consumer prices advanced 2.5 percent annually in October, following September’s 2.3 percent increase. This was the highest rate since September 2008 and above the expected rate of 2.4 percent.
France’s economy expanded at a faster pace in the third quarter largely driven by domestic demand and exports, first estimate from the statistical office Insee showed Tuesday. Gross domestic product advanced 0.4 percent sequentially, in line with expectations, following second quarter’s 0.2 percent expansion.
The buck has risen to over a 2-month high of $1.27 against the pound sterling Tuesday afternoon, from a low of $1.2812 this morning.
British retail sales growth eased noticeably in October after four straight months of firm sales growth during the summer, the latest Distributive Trades Survey from the Confederation of British Industry showed Tuesday.
The retail sales balance fell to +5 percent in October. Nonetheless, retailers expect sales growth to pick-up next month, with the balance at +17 percent.
The greenback reached a high of Y112.982 against the Japanese Yen Tuesday, but has since eased back to around Y112.865.
Japan’s unemployment rate declined in September, the Ministry of Internal Affairs and Communications reported Tuesday. The jobless rate fell to 2.3 percent from 2.4 percent in August. This was the lowest rate since early 1990s. The rate was expected to remain unchanged at 2.4 percent.