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Forex News: Dollar Rising On Positive Economic Data

Dollar Rising On Positive Economic Data

06/30/2017 - 14:33:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Friday afternoon. After being under pressure for much of the trading week, the buck is receiving a boost from the release of some positive economic data this morning.

Personal income in the U.S. rose by slightly more than anticipated in the month of May, according to a report released by the Commerce Department on Friday, while personal spending inched up in line with estimates.

The Commerce Department said personal income climbed by 0.4 percent in May after rising by a downwardly revised 0.3 percent in April. Economists had expected income to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

Meanwhile, the report said personal spending inched up by 0.1 percent in May after climbing by 0.4 percent in April. The uptick in spending matched economist estimates.

A report released by MNI Indicators on Friday showed that growth in Chicago-area business activity unexpectedly saw a significant acceleration in the month of June.

MNI Indicators said its Chicago business barometer jumped to 65.7 in June from 59.4 in May, with a reading above 50 indicating growth in activity. The barometer climbed to its highest level in over three years.

The notable increase came as a surprise to economists, who had expected the business barometer to edge down to 58.0.

Consumer sentiment in the U.S. decreased by less than initially estimated in the month of June, the University of Michigan revealed in a report on Friday. The report said the consumer sentiment index for June was upwardly revised to 95.1 from the preliminary reading of 94.5. Economists had expected the index to be unrevised.

The dollar has risen to around $1.1410 against the Euro Friday afternoon, from an early low of $1.1443.

Eurozone inflation eased to a 6-month low on energy prices in June, while core inflation increased after slowing in May, extending some support to the recent hawkish stance of the European Central Bank.

Consumer prices climbed 1.3 percent year-on-year in June, slightly slower than the 1.4 percent increase seen in May, flash data from Eurostat showed Friday.

This was the weakest rate seen so far this year. Inflation was forecast to slow to 1.2 percent. Final data is due on July 17.

Germany's retail sales recovered at a faster than expected pace in May, figures from Destatis revealed Friday.

Retail sales grew by real 4.8 percent in May from a year ago, reversing a 0.4 percent drop in April. This was the fastest growth since April 2016, when they climbed 5.4 percent and exceeded the expected growth of 2.8 percent.

Germany's jobless rate remained unchanged in May, figures from Destatis showed Friday. The jobless rate came in at adjusted 3.9 percent, the same rate as seen in April. In the same period of 2016, the rate was 4.2 percent.

Germany's unemployment rate remained unchanged at a record low in June, the Federal Labor Agency reportedly said Friday. The jobless rate held steady at 5.7 percent in June, in line with expectations. The figure was the lowest since the reunification in 1990.

France's consumer spending increased for the second straight month in May, figures from the statistical office INSEE showed Friday. Consumer spending climbed 1.0 percent month-over-month in May, faster than the 0.4 percent rise in April.

France's inflation slowed slightly, as expected, in June on easing energy price growth, preliminary data from the statistical office Insee showed Friday. Consumer price inflation came in at 0.7 percent in June, down from 0.8 percent in May.

The buck climbed to a high of $1.2938 against the pound sterling Friday, but has since retreated to around $1.1.30.

The UK economy expanded as estimated in the first quarter, third estimate from the Office for National Statistics showed Friday.

Gross domestic product climbed 0.2 percent sequentially in the first quarter, unrevised from the previous estimate published on May 25. However, growth eased notably from 0.7 percent in the fourth quarter.

Year-on-year, GDP grew 2 percent, in line with the previous estimate.

Consumer confidence in the United Kingdom tumbled in June, the latest survey from GfK showed on Friday with an index score of -10. That missed expectations for -7 and was down from -5 in the previous month.

The greenback has advanced to around Y112.425 against the Japanese Yen Friday afternoon, from an early low of Y111.717.

The average of household spending in Japan was down 0.1 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday, coming in at 283,056 yen. That beat forecasts for a decline of 0.7 percent following the 1.4 percent drop in April.

The jobless rate in Japan came in at a seasonally adjusted 3.1 percent in May, the Ministry of Internal Affairs and Communications said on Friday. That exceeded expectations for 2.8 percent, which would have been unchanged from the April reading.

Overall consumer Prices in Japan were up 0.4 percent in May, the Ministry of Internal Affairs and Communications said on Friday. That was unchanged from the previous month, although it was shy of expectations for 0.5 percent.

Industrial production in Japan was down a seasonally adjusted 3.3 percent on month in May, the Ministry of Economy, Trade and Industry said on Friday. That missed forecasts for a fall of 3.0 percent following the 4.0 percent gain in April.

Japan's housing starts dropped for the first time in three months in May but the pace of decline was slower than expected, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Friday.

Housing starts dropped 0.3 percent on a yearly basis in May, reversing a 1.9 percent rise in April. This was the first fall in three months. Economists had forecast a 0.7 percent decline.

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