The dollar is attempting to bounce back from early losses against its major European competitors at the end of the trading week. Weaker than expected New York manufacturing data and industrial production data drove the currency lower in early trade. The buck is also adding to yesterday’s gains against the Japanese Yen.
Conditions for New York manufacturers unexpectedly weakened in the month of November, according to a report released by the Federal Reserve Bank of New York on Friday, with the index of regional manufacturing activity turning negative for the first time since May.
The New York Fed said its general business conditions index fell to a negative 2.2 in November from a positive 1.5 in October, with a negative reading indicating a contraction in manufacturing activity. The negative reading for the general business conditions index came as a surprise to economists, who had expected the index to climb to 5.5.
With fuel prices showing a significant decrease, the Labor Department released a report on Friday showing that U.S. import prices fell by more than expected in the month of October.
The report said import prices fell by 0.7 percent in October after inching up by 0.1 percent in September. Economists had been expecting import prices to drop by about 0.5 percent.
Meanwhile, the Labor Department said exports prices dropped by 0.5 percent in October following a 0.4 percent increase in September. Export prices had been expected to edge up by 0.2 percent.
Industrial production in the U.S. unexpectedly saw a modest decrease in the month of October, the Federal Reserve revealed in a report on Friday. The report said industrial production edged down by 0.1 percent in October after climbing by an upwardly revised 0.7 percent in September.
Economists had been expecting production to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.
Wholesale inventories in the U.S. rose in line with economist estimates in the month of September, according to a report released by the Commerce Department on Friday. The report said wholesale inventories increased by 0.4 percent in September after climbing by an upwardly revised 0.8 percent in August. The increase in inventories matched economist estimates.
Spain and Ireland are set for clean exits from their rescue programmes as the stringent and structural reforms initiated by the governments finally pay off.
The strong commitment towards the implementation of bailout conditions has shown results, Jeroen Dijsselbloem, who presided the Eurogoup meeting said late Thursday. “Both economies are back on the road to recovery,” he added.
The dollar fell to over a 1-week low of $1.3504 against the Euro on Friday, but has since bounced back to around $1.3480.
Eurozone inflation slowed to 0.7 percent in October, as initially estimated, from 1.1 percent in September, final data from Eurostat showed Friday. The rate was the lowest since November 2009. Moreover, it has remained below the European Central Bank’s target of ‘below, but close to 2 percent’ for the ninth month in a row.
The greenback dropped to over a 2-week low of $1.6134 against the pound sterling Friday, but has since rebounded to around $1.6100.
Confidence among British households regarding the value of their homes decreased moderately in November from an all-time high in the previous month, but overall sentiment remained high, survey data released by Markit Economics and Knight Frank showed Friday.
The Markit/Knight Frank House Price Sentiment Index (HPSI), which measures what households think will happen to the value of their property over the next year, dropped to 70.1 in November from 71.1 in October.
The buck climbed to a 2-month high of Y100.424 against the Japanese Yen on Friday, but has since retreated to around Y100.265.
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