Dollar Loses Ground On Weak Economic Data

RTTNews | 624 dias atrás
Dollar Loses Ground On Weak Economic Data

(RTTNews) - The U.S. dollar traded weak against most of its major counterparts on Thursday with traders reacting to the latest batch of economic data.

Data from the Labor Department today showed import prices slid by 0.8% in October after climbing by an upwardly revised 0.4% in September. Economists had expected import prices to decrease by 0.3% compared to the 0.1% uptick originally reported for the previous month.

Meanwhile, the Labor Department said export prices slumped by 1.1% in October after rising by a downwardly revised 0.5% in September. Export prices were expected to decline by 0.5% compared to the 0.7% increase originally reported for the previous month.

A separate Labor Department report showed initial jobless claims climbed by much more than expected in the week ended November 11th, rising to 231,000, an increase of 13,000 from the previous week's revised level of 218,000.

Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.

The Federal Reserve also released a report showing industrial production fell by more than expected in October due in part to the strikes at several major motor vehicle manufacturers.

The dollar index, which dropped to 104.01 on weak economic data, recovered to 104.41 later on in the session, recording a marginal gain.

Against the Euro, the dollar is down slightly at 1.0850, recovering from 1.0897 a unit of the European currency.

The dollar is trading at 1.2411 against Pound Sterling, recovering from 1.2456 a unit of Sterling. Against the Japanese currency, the dollar is down, fetching 150.77 yen a unit.

The dollar is trading at 0.6467 against the Aussie, gaining from 0.6509. Against Swiss franc, the dollar is up slightly at CHF 0.8889, and against the Loonie, the dollar is up at C$1.3757 as oil prices fell sharply on concerns about the outlook for demand.

read more
U.S. Construction Spending Unexpectedly Sees Further Downside In June

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
RTTNews | 13 h 51 min atrás
U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.
RTTNews | 13 h 55 min atrás
U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.
RTTNews | 13 h 57 min atrás
Eurozone Inflation Steady At 2% ECB Target

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.
RTTNews | 14 h 44 min atrás