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Forex News: Dollar Mixed After Economic Reports Paint A Mixed

Dollar Mixed After Economic Reports Paint A Mixed Picture

01/27/2017 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon. The U.S. currency is up against the Japanese Yen and the British pound, but is down slightly in comparison to the Euro. Investors were confronted with some mixed economic data this morning. GDP and durable goods orders came in weaker than anticipated, but consumer sentiment for January jumped to its highest level in 13 years.

Economic growth in the U.S. slowed by more than anticipated in the final three months of 2016, according to a report released by the Commerce Department on Friday. The report said gross domestic product increased by 1.9 percent in the fourth quarter following a 3.5 percent jump in the third quarter. Economists had expected GDP to climb by 2.2 percent.

Reflecting a continued decrease in orders for transportation equipment, the Commerce Department released a report on Friday showing an unexpected drop in new orders for durable goods in the month of December.

The Commerce Department said durable goods orders fell by 0.4 percent in December after tumbling by a revised 4.8 percent in November. The dip came as a surprise to economists, who had expected durable goods orders to jump by 2.6 percent following the 4.5 percent slump that had been reported for the previous month.

Consumer sentiment in the U.S. unexpectedly improved to its best level in thirteen years in the month of January, according to a report released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index for January was upwardly revised to 98.5 from the preliminary reading of 98.1. Economists had expected the index to be unrevised.

The dollar dropped to a low of $1.0724 against the Euro Friday, but has since bounced back to around $1.0690.

Germany's import prices declined at the fastest pace since 2009, figures from Destatis showed Friday. Import prices decreased 3.1 percent on an average in 2016 versus a 2.6 percent drop in 2015. This was the biggest drop since 2009, when prices slid 8.5 percent.

Further, data showed that in 2016, export prices dropped 0.9 percent, the fastest decline since 2009. In December, export prices increased 1.1 percent after rising 0.3 percent in November.

French consumer confidence improved to the highest level since late 2007, survey results from the statistical office Insee showed Friday. The consumer sentiment index rose to 100 in January, in line with expectations, from 99 in December. The indicator reached the threshold 100 for the first time since November 2007.

The buck climbed to an early high of $1.2516 Friday, but has since eased back to around $1.2550.

The greenback rose to a high of Y115.375 against the Japanese Yen Friday morning, but has since retreated to around Y155.100.

Consumer prices in Japan climbed 0.3 percent on year in December, the Ministry of Internal Affairs and Communications said on Friday. That topped expectations for 0.2 percent but was down from 0.5 percent in November.

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