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Forex News: Dollar Losing Ground Despite Strong Economic Data

Dollar Losing Ground Despite Strong Economic Data

10/25/2017 - 13:18:00 (RTTNews)

(RTTNews) - The dollar is weakening against its major rivals Wednesday afternoon, despite the release of a pair of better than expected U.S. economic reports. The Euro and the British pound are holding onto their early gains against the dollar, thanks to the strong German business confidence data and the UK GDP data.

Orders for long-lasting manufacturing goods surged in September, according to new government statistics released Wednesday. The increase was more than economists had expected. The U.S. Department of Commerce reported that durable goods orders rose by 2.2% in September. Economists had expected the figure to rise by 1.0%.

New home sales in the U.S. showed a substantial increase in the month of September, according to a report released by the Commerce Department on Wednesday. The report said new home sales surged up by 18.9 percent to an annual rate of 667,000 in September from a revised rate of 561,000 in August.

Economists had expected new home sales to drop to a rate of 555,000 from the 560,000 originally reported for the previous month.

The European Central Bank will announce its policy decision on Thursday. ECB President Mario Draghi is expected to announce a gradual reduction in the massive monetary stimulus as the euro area economic growth gains momentum.

The dollar has dropped to around $1.1815 against the Euro Wednesday afternoon, from an early high of $1.1752.

Germany's business confidence improved in October, reports said citing survey results from Ifo Institute on Wednesday. The business confidence index rose unexpectedly to 116.7 from revised 115.3 in the previous month. The expected reading was 115.0.

The buck has tumbled to around $1.3265 against the pound sterling Wednesday afternoon, from a high of $1.3109 this morning.

The UK economy expanded more-than-expected in the third quarter led by services, providing room for the Bank of England to hike the interest rate as early as next week.

Gross domestic product grew 0.4 percent sequentially in the three months ended September, slightly faster than the 0.3 percent growth seen in the second quarter, preliminary estimate from the Office for National Statistics showed Wednesday. GDP was forecast to rise 0.3 percent in the third quarter.

UK mortgage approvals decreased in September, data published by the UK Finance showed Wednesday. The number of mortgage approvals fell to a 3-month low of 41,584 in September from 41,762 in August.

The greenback reached an early high of Y114.243 against the Japanese Yen this morning, but has since retreated to around Y113.635.

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