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Forex News: Dollar Barely Changed As Data Drought Continues

Dollar Barely Changed As Data Drought Continues

02/08/2017 - 14:30:00 (RTTNews)

(RTTNews) - The dollar is down slightly against its major competitors Wednesday afternoon, but is little changed overall. The continued lack of U.S. economic data is keeping a number of investors on the sidelines. However, investors can look forward to the weekly jobless claims report tomorrow and consumer sentiment on Friday.

The French economy is set to expand at a slightly slower pace in the first three months of the year versus the previous quarter, the Bank of France signaled Wednesday.

Gross domestic product is expected to grow 0.3 percent in the first quarter, according to the bank's first estimate. French economic growth had doubled to 0.4 percent in the fourth quarter of 2016.

The dollar climbed to an early high of $1.0640 against the Euro Wednesday, but has since pulled back to around $1.0685.

Business insolvencies at German local courts in November declined 10.8 percent from a year ago, figures from Destatis showed Wednesday. The number of business insolvencies totaled 1,677 in November.

Spain's industrial production grew at a slower pace in December, the statistical office INE reported Wednesday. Industrial production advanced by adjusted 1.9 percent year-on-year in December, weaker than the 2.8 percent expansion seen in November.

On an unadjusted basis, industrial output declined 1.6 percent annually, reversing prior month's 4.1 percent increase. Economists had forecast output to grow 2.8 percent.

The buck has retreated to around $1.2520 against the pound sterling this afternoon, from a high of $1.2472 this morning.

Permanent job placements in the U.K. grew at the slowest pace in four months in January, the Report on Jobs compiled by the Recruitment and Employment Confederation and IHS Markit showed Wednesday. The number of people placed in permanent jobs rose further in January, though the rate of growth easing to its slowest since September 2016.

The Bank of Japan board said the bank should make clear to the markets that daily conduct of market operations has no implications for the monetary policy stance going forward, the summary of opinions expressed at its monetary policy meeting on January 30 and 31.

The amount, timing and frequency of the Japan Government Bond purchases are determined practically so as to achieve the target level specified by the guideline for market operations, the report showed Wednesday.

The greenback slipped to a low of Y111.632 against the Japanese Yen Wednesday, but has since bounced back to around Y112.060.

Japan posted a current account surplus of 1,112.2 billion yen in December, the Ministry of Finance said on Wednesday, up 18.3 percent on year. The headline figure was shy of forecasts for a surplus of 1,183.3 billion yen and down from 1,415.5 billion yen in November.

Overall bank lending in Japan was up 2.5 percent on year in January, the Bank of Japan said on Wednesday, coming in at 511.095 trillion yen. That follows the 2.6 percent increase in December.

A measure of peoples' assessment of the Japanese economy decreased unexpectedly at the start of the year, survey figures from the Cabinet Office showed Wednesday. The current index of Economy Watchers' survey dropped to 49.8 in January from 51.4 in December. In contrast, economists had expected the index to rise to 51.8.

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