RTTN:Dollar Stuck Near 4-week Lows Ahead Of Data Deluge, G-20
(RTTNews) - The dollar was locked in a stalemate versus major rivals Friday morning, ahead of a pivotal meeting of G-20 finance ministers in France.
G-20 finance ministers are expected to discuss ways to buffer the banking system from the impact of possible sovereign debt defaults in Europe.
Traders were also hanging on the release of slew of economic data from the U.S. that may shed light on pace of what has been an anemic recovery.
The dollar was stuck near $1.3775 versus the euro, having touched a 4-week low of $1.3833 on Wednesday. A similar pattern was seen versus the sterling, with the dollar hovering around Wednesday's monthly low of of $1.5794.
Eurozone annual inflation accelerated as estimated initially to 3 percent in September, the highest level since October 2008, final data from Eurostat showed Friday.
The annual rate increased from 2.5 percent in August. Inflation has been staying above the target of 'below, but close to 2 percent' since December 2010.
Modest early gains took the dollar above Y77 versus the yen, but the buck remains near a record low Y75.94 set back in August.
On the economic front, the Commerce Department is set to release its retail sales report for September at 8:30 am ET. Economists estimate 0.8 percent increase in retail sales, and excluding autos, sales may have risen a more modest 0.4 percent.
The export & import price indexes for September are due out at 8:30 am ET. The consensus estimates call for a 0.5 percent month-over-month drop in import prices for the month.
At 9:55 am ET, the preliminary report of the Reuters/University of Michigan's consumer sentiment survey for October is scheduled to be released. The consumer sentiment index is expected to rise slightly to 60 from September's 59.4.
The Commerce Department is scheduled to release its business inventories report for August at 10 am ET. Business inventories at the end of the month is expected to have risen 0.4 percent.
