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Forex News: Dollar Trading Mixed After Data Deluge

Dollar Trading Mixed After Data Deluge

11/16/2017 - 15:07:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rival Thursday afternoon. The buck is up slightly against the Euro and the Japanese Yen, but is down against the British pound. Investors were confronted by a high volume of U.S. economic data this morning, the results of which proved mixed.

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 11th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims rose to 249,000, an increase of 10,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to edge down to 235,000.

A report released by the Labor Department on Thursday showed U.S. import prices rose by less than expected in the month of October.

The Labor Department said import prices rose by 0.2 percent in October after climbing by 0.8 percent in September. Economists had expected import prices to increase by 0.4 percent.

Meanwhile, the report said export prices were unchanged in October after increasing by 0.7 percent in the previous month. Export prices had been expected to climb by 0.4 percent.

Growth in Philadelphia-area manufacturing activity slowed by more than expected in the month of November, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current manufacturing activity in the region dropped to 22.7 in November from 27.9 in October. While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a more modest decrease to 25.0.

Industrial production in the U.S. increased by more than anticipated in the month of October, the Federal Reserve revealed in a report released on Thursday. The Fed said industrial production climbed by 0.9 percent in October after rising by an upwardly revised 0.4 percent in September.

Economists had expected production to rise by 0.5 percent compared to the 0.3 percent uptick originally reported for the previous month.

Homebuilder confidence in the U.S. unexpectedly improved in the month of November, according to a report released by the National Association of Home Builders on Thursday. The report said the NAHB/Wells Fargo Housing Market Index rose to 70 in November from 68 in October. Economists had expected the index to be unchanged.

The dollar slipped to an early low of $1.18 against the Euro Thursday, but has since bounced back to around $1.1765.

Eurozone inflation slowed slightly as initially estimated in October, final data from Eurostat showed Thursday. Inflation eased to 1.4 percent in October from 1.5 percent in September. The rate came in line with the flash estimate released on October 31.

France's unemployment rate increased in the third quarter, data from the statistical office Insee showed Thursday. The jobless rate climbed to 9.7 percent from 9.5 percent in the second quarter. This was the highest since the fourth quarter of 2016.

The buck climbed to a high of $1.3134 against the pound sterling Thursday morning, but has since retreated to around $1.3185.

UK retail sales grew only moderately in October on weak food and clothing demand, the Office for National Statistics reported Thursday. Retail sales increased 0.3 percent in October from September, but slightly faster than the expected 0.2 percent and reversed the 0.7 percent drop seen in September.

Stripping out fuel, sales volume grew 0.1 percent following a 0.6 percent drop in September. Economists had forecast sales to remain flat.

The greenback fell to a low of Y112.734 against the Japanese Yen Thursday, but has since rebounded to around Y113.

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