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Forex News: Dollar Weakens After Mixed Economic Reports

Dollar Weakens After Mixed Economic Reports

09/28/2017 - 13:59:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Thursday afternoon, following the release of some mixed economic data this morning. GDP came in better than expected, while weekly jobless claims increased more than expected. President Trump also revealed some details of his proposed overhaul of the tax system late Wednesday.

Tax rates on corporations would be cut to 20%, from the current 35%. The framework sets out individual tax rates of 12%, 25% and 35%, a reduction from the existing seven rates, which currently sees a top rate of 39.6 percent.

Economic activity in the U.S. increased by slightly more than previously estimated in the second quarter, the Commerce Department revealed in a report on Thursday.

The report said gross domestic product jumped by 3.1 percent in the second quarter compared to the previously estimated 3.0 percent growth. Economists had expected the pace of GDP growth to be unrevised.

After reporting unexpected decreases in first-time claims for U.S. unemployment benefits in the two previous weeks, the Labor Department released a report on Thursday showing a rebound in initial jobless claims in the week ended September 23rd.

The report said initial jobless claims rose to 272,000, an increase of 12,000 from the previous week's revised level of 260,000. Economists had expected jobless claims to rise to 270,000 from the 259,000 originally reported for the previous week.

The dollar has retreated to around $1.1785 against the Euro Thursday afternoon, after climbing to over a 1-month high of around $1.17 yesterday.

Eurozone economic confidence strengthened in September, survey data from the European Commission showed Thursday. The economic sentiment index rose to 113.0 in September from 111.9 in August. The reading was also above the expected 112.

German consumer confidence is set to weaken in October, survey data from the market research group GfK showed Thursday. The forward-looking consumer sentiment index fell unexpectedly to 10.8 from 10.9 in September. The score was forecast to rise to 11.0.

Germany's inflation remained unchanged at its highest level in four months in September, preliminary data from Destatis showed Thursday. The consumer price index rose 1.8 percent year-on-year, same as in August, and in line with economists' expectations.

The buck has pulled back to around $1.3450 against the pound sterling Thursday afternoon, from yesterday's high of around $1.3350.

The greenback reached an early high of Y113.210 against the Japanese Yen Thursday, but has since eased back to around Y112.475.

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