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Forex News: Dollar Little Changed Despite GDP Data

Dollar Little Changed Despite GDP Data

10/27/2017 - 14:59:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance Friday afternoon. The currency has pared its early gains and has turned lowered against the Japanese Yen, but is holding onto small gains against its major European rivals.

Economic data proved mixed today, with GDP coming in better than anticipated, while consumer sentiment was a bit of a disappointment. The solid GDP data has raised the hopes among investors for a rate hike by the Federal Reserve.

Economic growth in the U.S. slowed modestly in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates. The report said real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent.

Consumer sentiment in the U.S. improved by slightly less than initially estimated in the month of October, the University of Michigan revealed in a report on Friday.

The report said the consumer sentiment index for October was downwardly revised to 100.7 from 101.1 but is still up from 95.1 in September. Economists had expected the index to be downwardly revised to 100.9.

The dollar climbed to a 3-month high of $1.1575 against the Euro Friday, but has since eased back to around $1.16.

Germany's import price inflation rose to a 4-month high in September, figures from Destatis showed Friday.

Import prices climbed 3 percent year-on-year in September, faster than the 2.1 percent increase in August. This was the fastest pace since May, when prices advanced 4.1 percent and also exceeded the expected growth of 2.6 percent.

At the same time, export prices increased at a faster pace of 1.7 percent, following August's 1.5 percent rise.

French consumer confidence weakened unexpectedly in October, survey data from the statistical office Insee showed Friday.

The consumer sentiment index fell to 100 in October from 101 in September. This was the fourth consecutive decline and a similar lower score was last posted in April. The score was forecast to remain unchanged at 100 in October.

The buck rose to over a 2-week high of $1.3068 against the pound sterling Thursday, but has since retreated to around $1.3125.

The greenback reached an early high of Y114.451 against the Japanese Yen Friday, but has since slipped to around Y113.825.

Overall consumer prices in Japan were up 0.7 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and unchanged from the August reading.

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