Dollar steady as European manufacturing data in focus

(Updates prices)
By Karen Brettell
NEW YORK, April 15 (Reuters) - The dollar was little changed
against the euro on Monday as investors focused on European
manufacturing data due on Thursday for signs that growth in the
region is improving.
"The pace of deterioration in that part of the world has
begun to ebb and I think investors are waiting for more concrete
signs that we may have passed the worst," said Mazen Issa,
senior FX strategist at TD Securities in New York.
Improving European data would likely bolster risk appetite
and send equities prices higher. That in turn could be negative
for the greenback as investors chase higher-yielding
opportunities elsewhere.
"The dollar has shown a fairly strong relationship with
relative equity prices for the U.S. versus the rest of the
world, and to the extent that we move into an environment where
non-U.S. asset markets begin to perform ... we may see a
tactical move lower in the dollar," Issa said.
Although the dollar tends to underperform when risk appetite
grows, data on Friday showed speculators bolstered their net
long dollar position in the latest week. It is now at its
highest level since December 2015, while traders remain short
the euro.
Data on Friday showing that China's exports rebounded in
March while new bank loans rose more than expected has helped to
boost risk sentiment.
Investors are also focused on U.S.-China trade talks, with
any deal between the two countries seen as likely to remove
headwinds to global growth.
U.S. Treasury Secretary Steven Mnuchin said on Saturday a
U.S.-China trade agreement would go "way beyond" previous
efforts to open China's markets to U.S. companies and he hoped
that the two sides were "close to the final round" of
U.S. negotiators have tempered demands that China curb
industrial subsidies as a condition for a trade deal after
strong resistance from Beijing, according to two sources briefed
on discussions, marking a retreat on a core U.S. objective for
the trade talks.

Currency bid prices at 2:24PM (1824 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Euro/Dollar EUR= $1.1299 $1.1301 -0.02% -1.48% +1.1321 +1.1296
Dollar/Yen JPY= 112.0100 112.0000 +0.01% +1.59% +112.0900 +111.8900
Euro/Yen EURJPY= 126.57 126.56 +0.01% +0.28% +126.7800 +126.4900
Dollar/Swiss CHF= 1.0045 1.0022 +0.23% +2.35% +1.0045 +1.0010
Sterling/Dollar GBP= 1.3097 1.3081 +0.12% +2.67% +1.3119 +1.3067
Dollar/Canadian CAD= 1.3379 1.3320 +0.44% -1.89% +1.3389 +1.3297
Australian/Doll AUD= 0.7174 0.7171 +0.04% +1.77% +0.7182 +0.7164
Euro/Swiss EURCHF= 1.1353 1.1324 +0.26% +0.88% +1.1354 +1.1325
Euro/Sterling EURGBP= 0.8627 0.8636 -0.10% -3.97% +0.8649 +0.8619
NZ NZD= 0.6758 0.6760 -0.03% +0.61% +0.6782 +0.6751
Dollar/Norway NOK= 8.4969 8.4869 +0.12% -1.64% +8.5033 +8.4807
Euro/Norway EURNOK= 9.6033 9.5918 +0.12% -3.06% +9.6164 +9.5856
Dollar/Sweden SEK= 9.2695 9.2691 +0.02% +3.41% +9.2753 +9.2437
Euro/Sweden EURSEK= 10.4773 10.4750 +0.02% +2.08% +10.4795 +10.4569

(Additional reporting by Tommy Wilkes in London
Editing by Paul Simao and Lisa Shumaker)

First Published: 2019-04-15 03:06:29
Updated 2019-04-15 20:35:32

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