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Dollar Little Changed As Long Holiday Weekend Approaches

13.01.17 20:47

WASHINGTON (dpa-AFX) - The dollar is turning in a mixed performance against its major rivals Friday afternoon.

However, the U.S. currency is little changed ahead of the long holiday weekend. Markets in the U.S. will be closed for Martin Luther King day on Monday. Investors were hit by a flurry of economic data Friday morning, the results of which were mixed.

Retail sales in the U.S. increased by slightly less than expected in the month of December, according to a report released by the Commerce Department on Friday. The Commerce Department said retail sales climbed by 0.6 percent in December after edging up by a revised 0.2 percent in November.

Economists had expected retail sales to advance by 0.7 percent compared to the 0.1 percent uptick originally reported for the previous month.

U.S. producer price growth came in line with economist estimates in the month of December, the Labor Department revealed in a report on Friday. The Labor Department said its producer price index for final demand rose by 0.3 percent in December after climbing by 0.4 percent in November.

With consumer expectations seeing a slight deterioration, the University of Michigan released a report on Friday unexpectedly showing a modest drop in U.S. consumer sentiment in the month of January. The University of Michigan said its consumer sentiment index edged down to 98.1 in January from 98.2 in December. Economists had expected the index to rise to 98.5.

Reflecting rebounds in retail and wholesale inventories, the Commerce Department released a report on Friday showing that U.S. business inventories increased by more than expected in the month of November.

The Commerce Department said business inventories climbed by 0.7 percent in November after edging down by a revised 0.1 percent in October. Economists had expected inventories to rise by 0.6 percent compared to the 0.2 percent drop that had been reported for the previous month.

The dollar fell to a low of $1.0671 against the Euro Friday, but has since rebounded to around $1.0645.

Germany's wholesale prices increased at the fastest pace since late 2012, data from Destatis showed Friday. Wholesale prices increased 2.8 percent in December from prior year, the biggest rise since October 2012, when prices climbed 3.1 percent.

The buck dropped to a low of $1.2232 against the pound sterling Friday morning, but has since bounced back to around $1.2190.

The greenback rose to a high of Y115.442 against the Japanese Yen Friday, but has since retreated to around Y114.425.

The M2 money stock in Japan was up 4.0 percent on year in December, the Bank of Japan said on Friday, coming in at 958.7 trillion yen. That was shy of forecasts for an increase of 4.1 percent and up from the downwardly revised 3.9 percent gain in November.

Copyright RTT News/dpa-AFX



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