The dollar has gained ground against both the Euro and the pound sterling on Friday, but is slightly lower against the Japanese Yen. The risk appetite of investors has decreased at the end of the week, after the Republican “Plan B” effort to avoid the fiscal cliff resulted in failure.
The U.S. House of Representatives abruptly went into recess on Thursday after failing to take up a vote on House speaker John Boehner’s “Plan B” to avoid the looming fiscal cliff due to a lack of support from members of his own party.
Boehner’s “Plan B” legislation would have extended the Bush-era tax cuts for people making up to $1 million, but Democrats claim it would raise taxes on millions of working families by eliminating certain tax credits.
Boehner stated Friday that he will continue to look for ways to resolve the fiscal cliff and that he will continue to try and work out a deal with the President. He also stated that it is now up to President Obama and Senate Majority Leader Harry Reid to come up with a bill for the House to consider.
The dollar has climbed above a range around the $1.3200 level against the Euro on Friday and has set a 3-session high of $1.3165.
A leading indicator of the Eurozone economy increased in November after falling in the previous months, suggesting that the short-term outlook has moderately improved, data from a survey by the Conference Board showed Friday.
The leading economic index increased to 105.3 in November from 104.7 in October, which was lower than September’s reading of 105.
German consumer sentiment is set to deteriorate in January, as consumers see a difficult period for the economy over the coming months, the results of a survey by market research group GfK showed Friday. The forward-looking index fell to 5.6 from a revised value of 5.8 for December. The index was forecast to remain unchanged the originally estimated reading of 5.9 for December.
France’s business confidence improved for the second straight month in December in line with expectations, data from the statistical office Insee showed Friday. The business confidence indicator for the manufacturing industry rose to 89 from November’s score of 88. The figure matched economists’ expectations.
The greenback rebounded from a low of $1.6295 against the pound sterling late Thursday and has risen to a 4-session high of $1.6151.
The U.K. economic recovery was slightly weaker-than-estimated in the third quarter on downward revisions to manufacturing and services output. Due to the weak activity, government revenues remained subdued and in turn widened the budget gap.
The U.K. economy grew 0.9 percent sequentially in the third quarter instead of previously estimated 1 percent expansion, final data from the Office for National Statistics showed Friday.
British consumer confidence declined more than expected in December, from an 18-month high, reflecting sharp deterioration in general economic expectations. The consumer sentiment index fell to -29 from -22 in November as four of the five sub-indicators weakened, a survey by GfK NOP showed Friday. The expected reading for December was -25.
The U.K. budget deficit widened to GBP 17.5 billion in November from GBP 16.3 billion a year ago, the Office for National Statistics said Friday. Economists had forecast a surplus of GBP 16 billion.
The Japanese government maintained its downbeat view of the domestic economy, ending a series of downward revisions, and said that the economy still faced downside risks from external factors.
The latest monthly economic report said that Japan’s economy has been showing weakness due to the global slowdown, and the continuing uncertainty over the outlook for overseas economies.
The report said that the weakness would remain for the time being, but recovery is expected to resume with improvements in the global economy and the strong reconstruction demand from the Great Earthquake.
The buck weakened to Y83.846 against the Japanese Yen early Friday, but has since bounced back to around Y84.135.
Orders for U.S. manufactured durable goods rose by more than expected in the month of November, according to a report released by the Commerce Department on Friday, with the report also showing a notable upward revision to the October data.
The report showed that durable goods orders increased by 0.7 percent in November following a revised 1.1 percent increase in October. Economists had expected orders to increase by 0.5 percent, matching the increase that had been reported for the previous month.
With personal income in the U.S. increasing by much more than economists expected in the month of November, the Commerce Department released a report on Friday that also showed a notable rebound by personal spending.
The report showed that personal income rose by 0.6 percent in November after inching up by 0.1 percent in October. The increase was double the 0.3 percent growth expected by economists.
Additionally, the Commerce Department said personal spending increased by 0.4 percent in November after dipping by 0.1 percent in October. The spending growth matched economist estimates.
Consumer sentiment in the U.S. deteriorated by even more than previously estimated in the month of December, according to a report released by Thomson Reuters and the University of Michigan on Friday.
The report showed that the consumer sentiment index was downwardly revised to a reading of 72.9 from the preliminary reading of 74.5. The downward revision came as a surprise to economists, who had expected the index to be upwardly revised to a reading of 75.0.
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