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Forex News: Dollar Mixed Despite Solid Economic Data

Dollar Mixed Despite Solid Economic Data

11/30/2017 - 14:53:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Thursday afternoon. The buck has pared its early gains against its major European rivals and is now down against the Euro and the British pound. However, but dollar is rising against the Japanese Yen.

There was economic data aplenty on both sides of the pond Thursday. The latest batch of U.S. data was largely better than expected.

A report released by the Labor Department on Thursday showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended November 25th. The report said initial jobless claims edged down to 238,000, a decrease of 2,000 from the previous week's revised level of 240,000.

Economists had expected jobless claims to inch up to 240,000 from the 239,000 originally reported for the previous week.

Personal income in the U.S. increased by slightly more than expected in the month of October, according to a report released by the Commerce Department on Thursday, while the report said personal spending rose in line with estimates.

The report said personal income climbed by 0.4 percent in October, matching the increase seen in September. Economists had expected income to rise by 0.3 percent.

The Commerce Department also said personal spending rose by 0.3 percent in October after increasing by a downwardly revised 0.9 percent in September. Economists had expected spending to rise by 0.3 percent compared to the 1.0 percent jump originally reported for the previous month.

Reflecting slower growth in new orders and order backlogs, MNI Indicators released a report on Thursday showing a slowdown in the pace of growth in Chicago-area business activity in the month of November.

MNI Indicators said its Chicago business barometer slid to 63.9 in November from 66.2 in October, although a reading above 50 still indicates growth. Economists had expected to index to drop to 63.0.

The dollar has fallen to around $1.19 against the Euro Thursday afternoon, from an early high of $1.1808.

Eurozone inflation increased in November largely due to higher energy prices, flash data from Eurostat showed Thursday. Consumer prices advanced 1.5 percent year-on-year in November, following October's 1.4 percent increase. Inflation was forecast to rise to 1.6 percent.

The euro area jobless rate fell to the lowest since early 2009, data from Eurostat showed Thursday. The unemployment rate dropped to 8.8 percent in October from 8.9 percent in September. This was the lowest since January 2009. The rate was forecast to remain unchanged at 8.9 percent.

Germany's retail sales logged an unexpected decline in October, figures from Destatis revealed Thursday. Retail turnover dropped 1.4 percent year-on-year in October, which was the first fall in eight months. Economists had forecast a 2.8 percent increase following September's 4.1 percent rise.

Germany's unemployment declined more than expected in November, reports said citing the Federal Labor Agency, on Thursday. The number of people out of work decreased 18,000 in November from October. Economists had forecast a monthly fall of 10,000.

France's consumer price inflation increased as expected in November, flash data from the statistical office Insee showed Thursday. Inflation rose slightly to 1.2 percent in November from 1.1 percent in October. The rate matched economists' expectations.

The buck has dropped to a 2-month low of $1.3525 against the pound sterling this afternoon, from a high of $1.3408 this morning.

UK house prices increased at a steady pace in November, figures published by the Nationwide Building Society showed Thursday. House prices increased 2.5 percent year-on-year in November, the same rate of growth as seen in October. Inflation was forecast to rise to 2.7 percent.

Squeezed income, higher inflation and economic uncertainty dampened British consumer sentiment in November, survey data from GfK showed Thursday. The consumer sentiment index fell to -12 in November from -10 in October. The score was forecast to drop marginally to -11. A similar lower reading was last seen in July.

The greenback has climbed to over a 1-week high of Y112.590 against the Japanese Yen, from a low of Y111.730.

Industrial production in Japan advanced a seasonally adjusted 0.5 percent on month in October, the Ministry of Economy, Trade and Industry said on Thursday. That was shy of expectations for an increase of 1.8 percent following the 1.0 percent decline in September.

Japan's housing starts declined for the fourth straight month in October, and at a faster-than-expected pace, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Thursday. Housing starts fell 4.8 percent year-on-year in October, bigger than September's 2.9 percent decrease. That was also above the 2.8 percent drop economists had forecast.

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