U.S. Dollar Moves To The Upside After Early Volatility
(RTTNews) - After seeing considerable volatility earlier in the day, the value of the U.S. dollar has moved higher over the course of trading on Friday.
The U.S. dollar index is currently up 0.45 points or 0.4 percent at 109.41 after swinging back and forth across the unchanged line in morning trading.
The buck is trading at 156.22 yen versus the 155.16 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0269 compared to yesterday's $1.0301.
The value of the dollar moved higher in early morning trading but pulled back sharply after the Federal Reserve released a report showing U.S. industrial production increased by much more than expected in the month of December, reducing the currency's safe-haven appeal.
The Fed said industrial production jumped by 0.9 percent in December after rising by a revised 0.2 percent in November.
Economists had expected industrial production to climb by 0.3 percent compared to the 0.1 percent dip originally reported for the previous month.
Traders are also looking ahead to President-elect Donald Trump's new administration ahead of his inauguration on Monday.
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