Investing.com - The dollar slid lower against the yen on Wednesday and was steady against the euro as investors awaited a flurry of U.S. economic reports later in the day, ahead of Thursday’s Thanksgiving Holiday.
USD/JPY was down 0.26% to 117.65, off Tuesday’s highs of 118.56.
The dollar turned lower on Tuesday after lackluster data on consumer confidence and house price inflation offset a report showing that U.S. economic growth was far stronger than initially estimated in the third quarter.
The Conference Board reported that its consumer confidence index fell to a five month low in November, one month after touching its highest level in seven years, as optimism over the short term outlook waned.
Another report showed that U.S. house prices rose more than expected on a year-over-year basis September, but were unchanged on a monthly basis.
Demand for the dollar continued to be underpinned after the Commerce Department reported that the U.S. economy posted growth of 3.9% in the three months to September, far higher than the initial estimate of 3.5%. Economists had forecast a small downward revision to 3.3%.
Personal spending rose 2.2% in the third quarter, beating forecasts for 1.9%.
The U.S. was to release a string of data later Wednesday, including reports on initial jobless claims and new home sales ahead of Thursday’s holiday.
EUR/USD was little changed at 1.2467, while EUR/JPY was down 0.31% to 146.69.
The US dollar index, which tracks the performance of the greenback against a basket of six major currencies, was steady at 87.96, holding below last week’s more than four-year highs of 88.51.