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Dollar broadly lower vs. rivals after positive euro zone data

ForexFeb 28, 2014 05:20AM ET
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Dollar drops vs. rivals on euro zone data - The dollar was broadly lower against the other major currencies on Friday, as the release of positive euro zone economic reports supported demand for the single currency, while demand for the greenback remained under ahead of a report on economic growth in the U.S.

The dollar was lower against the euro, with EUR/USD up 0.61% to 1.3793.

Preliminary data showed that consumer price inflation in the euro zone remained unchanged at an annualized rate of 0.8% in February, compared for expectations for a downtick to 0.7%.

A separate report showed that the unemployment rate in the single currency bloc remained unchanged at 12% in January, in line with expectations.

The positive data eased speculation that the European Central Bank could cut interest rates at its policy meeting next week.

Earlier in the day, official data showed that German retail sales rose 2.5% last month, exceeding expectations for a 1% increase. Retail sales in December were revised to a 2.1% drop from a previously estimated 2.5% decline.

A report also showed that French consumer spending dropped 2.1% in January, compared to expectations for a 0.2% rise. Consumer spending in December was revised up to a 0.2% increase from a previously estimated 0.1% slip.

The pound was higher against the dollar, with GBP/USD rising 0.34% to 1.6745.

The Nationwide Building Society earlier said that U.K. house price inflation rose 0.6% in February, in line with expectations. In January, house price inflation was revised up to a 0.8% increase from a previously estimated 0.7% rise.

The dollar was lower against the yen and the Swiss franc, with USD/JPY slipping 0.27% to 101.83 and with USD/CHF declining 0.68% to 0.8823.

In Japan, oreliminary data showed that industrial production in Japan rose 4% in January, more than the expected 3% increase, after a 0.9% gain the previous month.

A separate report showed that retail sales in Japan rose 4.4% last month compared to a year earlier, after a 2.6% increase in December. Analysts had expected retail sales to rise 3.8% in January.

Data also showed that household spending in Japan rose at an annualized rate of 1.1% last month, beating expectations for a 0.2% uptick, after a 0.7% rise in December.

Meanwhile, Tokyo's core consumer price inflation, which excludes fresh food, rose at an annualized rate of 0.9% in February, above expectations for a 0.8% advance, after a 0.7% increase in January.

Consumer price inflation in Tokyo rose 1.1% in February from a year earlier, after a 0.7% gain the previous month.

The greenback was steady to lower against the Australian, New Zealand and Canadian dollars, with AUD/USD down 0.04% to 0.8962, NZD/USD climbing 0.59% to 0.8418 and USD/CAD inching 0.05% higher to 1.1129.

Data showed that the ANZ business confidence index for New Zealand rose to a nearly 20-year high of 70.8 in February, from a reading of 64.1 the previous month.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.54% to 79.86.

Later in the day, the U.S. was to release revised data on fourth quarter growth, as well as a report on manufacturing activity in the Chicago region, revised data on consumer sentiment and private sector data on pending home sales.

Dollar broadly lower vs. rivals after positive euro zone data

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