Dollar gains slightly after the release of a series of data
- Dollar gained some ground in Asia after a series of data. It had declined for the last two weeks.
- Existing home sales had declined 1.7% from October to an annual rate of 5.35 million in Nov 2019.
- Jobs data pointed to a sustained labor market strength with the initial claims for state unemployment benefits
On Friday, the dollar gained some ground in Asia after a series of data. It had declined for the last two weeks.
The U.S. Dollar Index rose 0.08% to 97.035 by 1:30 PM ET.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The dollar has made a slight comeback after drifting further on Thursday on the news of the U.S. President’s impeachment by the House of Representatives.
Trump is the third president to be impeached in U.S. history. However, he is likely to survive a trial in the Republican-led Senate, which will vote in January 2020.
Economic data release
The National Association of Realtors reported that the existing home sales had declined 1.7% from October to an annual rate of 5.35 million in Nov 2019.
However, sales rose by 2.7% year on year compared to the 5.21 million in Nov 2018.
Also, according to the Labour Department, jobs data pointed to a sustained labor market strength with the initial claims for state unemployment benefits fell 18,000 to 234,000 for the week ended Dec 14.
The reading surged to a two-year high at 25,200 last week.
Meanwhile, the Philadelphia Fed Reserve released a flat manufacturing index for December on Thursday.
The current general activity index fell 10.1 points to 0.3 in December. According to the Reuters survey, It’s the weakest reading in six months and far below economists’ expectations of 8.
The index tracks manufacturing in Pennsylvania, New Jersey, and Delaware.
“Manufacturing activity in the region was flat this month…” the federal reserve bank said in a release.
“The survey’s broad indicator for current activity dropped to a reading near zero this month, although indicators for new orders, shipments, and employment remained at higher positive readings.”
“The survey’s future activity indexes remained positive, suggesting continued optimism about growth for the next six months,” it added.
The USD/JPY pair dropped 0.03% to 109.33.
The NZD/USD pair was down by 0.03% to 0.6604.
The AUD/USD pair was trading at 0.6894, up 0.15%.