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Forex News: Dollar Falling Despite Strong Housing Data

Dollar Falling Despite Strong Housing Data

11/17/2017 - 14:52:00 (RTTNews)

(RTTNews) - The dollar is down against all of its major rivals Friday afternoon, due to reports that Special Counsel Robert Mueller issued subpoenas to over a dozen top Trump campaign officials in mid-October, calling for documents and emails related to Russia.

It was a light day on the U.S. economic front, but the lone report that was released came in better than anticipated.

New residential construction in the U.S. jumped by much more than expected in the month of October, according to a report released by the Commerce Department on Friday. The report said housing starts spiked by 13.7 percent to an annual rate of 1.290 million in October from a revised 1.135 million in September.

Economists had expected housing starts to climb to an annual rate of 1.185 million from the 1.127 million originally reported for the previous month.

The Commerce Department said building permits, an indicator of future housing demand, also surged up by 5.9 percent to a rate of 1.297 million in October from a revised 1.225 million in September. Building permits had been expected to rise to a rate of 1.247 million from the 1.215 million originally reported for the previous month.

Eurozone's robust economic recovery is still supported by the massive monetary stimulus that would help inflation to return to target, European Central Bank President Mario Draghi said Friday.

"A key motor of the recovery remains the very favourable financing conditions facing firms and households, which are in turn heavily contingent on our policy measures," Draghi said in a speech in Frankfurt.

"An ample degree of monetary stimulus remains necessary for underlying inflation pressures to build up and support headline inflation over the medium term."

The dollar slipped to an early low of $1.1820 against the Euro Friday, but has since rebounded to around $1.1790.

The euro area current account surplus rose to a record high in September, figures from the European Central Bank showed Friday. The seasonally adjusted current account surplus grew to EUR 37.8 billion in September from EUR 34.5 billion in August.

Eurozone construction output increased for the first time in three months in September, though slightly, figures from Eurostat showed Friday. Construction output rose a seasonally adjusted 0.1 percent month-over-month in September, after remaining flat in August, which was revised from a 0.2 percent fall reported earlier.

The buck dropped to a low of $1.3259 against the pound sterling Friday morning, but has since bounced back to around $1.3215.

The greenback tumbled to a 1-month low of Y111.941 against the Japanese Yen Friday, but has since pared its losses slightly, now trading around Y112.150.

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