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Forex News: Dollar Little Changed As Light Data Week Nears

Dollar Little Changed As Light Data Week Nears Conclusion

11/10/2017 - 14:52:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon, but remains little changed overall. Economic data was sparse this week, which kept some investors on the sidelines. Consumer sentiment was the lone report released this morning and the result proved disappointing.

After reporting a jump in U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing a bigger than expected pullback in sentiment in the month of November.

The report said the preliminary reading on the consumer sentiment index for November came in at 97.8 compared to the final October reading of 100.7. Economists had expected the index to dip to 100.0.

Things will pick up on the economic front next week. Producer prices, consumer prices, retail sales and industrial production are just a few of the reports slated for next week.

The dollar has fallen to around $1.1665 against the Euro Friday afternoon, from an early high of $1.1622.

France industrial production rebounded in September, data from the statistical office Insee showed Friday. Industrial production grew by more-than-expected 0.6 percent month-on-month in September, reversing a 0.2 percent fall in August. Production was forecast to grow 0.5 percent.

The buck dropped to a 1-week low of $1.3229 against the pound sterling Friday, but has since bounced back to around $1.32.

UK industrial production grew at the fastest pace thus far this year in September and exceeded economists' expectations to end the third quarter on a strong note.

Industrial production rose 0.7 percent from August, when it increased 0.3 percent, preliminary data from the Office for National Statistics showed Friday. Growth was more than double the 0.3 percent gain economists had forecast.

The UK visible trade deficit decreased in September, data published by the Office for National Statistics showed Friday. The visible trade deficit fell to GBP 11.25 billion in September from GBP 12.35 billion in August. The expected level of shortfall was GBP 12.8 billion.

The greenback slipped to an early low of Y113.218 against the Japanese Yen Friday, but has since rebounded to around Y113.565.

The M2 money stock in Japan was up 4.1 percent on year in October, the Bank of Japan said on Friday - coming in at 981.9 trillion yen. That was in line with expectations following the downwardly revised 4.0 percent gain in September.

Japan's tertiary activity index decreased for the second straight month in September, and at a faster-than-expected rate, data published by the Ministry of Economy, Trade and Industry showed Friday. The tertiary activity index dropped 0.2 percent month-over-month in September, following a 0.1 percent decrease in August. Economists had expected a 0.1 percent stable rate of fall for the month.

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