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Forex News: Dollar Drops Against Euro On Strong German Data

Dollar Drops Against Euro On Strong German Data

11/24/2017 - 12:29:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon. The buck has weakened notable against the Euro at the end of the trading week after German business confidence data climbed to a new record high in November.

The lack of U.S. economic data is keeping some investors on the sidelines. In addition, yesterday's Thanksgiving holiday and today's shortened trading session are also keeping traders away from their desks.

The dollar has dropped to a 2-month low of $1.1935 against the Euro Friday afternoon, from an early high of $1.1836.

Germany's business confidence strengthened to a new record in November on optimistic expectations, suggesting another strong quarter for the economy.

The business climate index rose to 117.5 in November from a revised 116.8 in October, survey data published by the Ifo Institute showed Friday. The score was forecast to remain at October's initially estimated value of 116.7.

Germany's construction orders increased in September, figures from Destatis showed Friday. New orders in the main construction industry climbed 0.7 percent month-on-month in September. Orders advanced 1.5 percent in September from a year ago.

The buck fell to nearly a 2-month low of $1.3359 against the pound sterling Friday, but has since bounced back to around $1.3325.

UK mortgage approvals declined to a 13-month low in October, data from UK Finance showed Friday. The number of mortgages approved in October fell to 40,488 from 41,576 in September. This was the lowest since September 2016.

The greenback slipped to a low of Y111.248 against the Japanese Yen Friday, but has since rebounded to around Y111.535.

Japan's manufacturing activity expanded at the steepest pace in more than three-and-a-half years in November, survey figures from IHS Markit showed Friday. The Nikkei flash Manufacturing Purchasing Managers' Index, or PMI, climbed to a 44-month high of 53.8 in November from 52.8 in October.

Japan's leading index decreased more than initially estimated in September, latest figures from the Cabinet Office showed Monday. The leading index, which measures the future economic activity, fell to 106.4 in September from 107.2 in August. The reading for September was revised down from 106.6.

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