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Dollar remains steady to lower in thin trade

ForexNov 29, 2013 10:51AM ET
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This article has already been saved in your Saved Items - The dollar remained steady to lower against the other major currencies in thin trade on Friday, as data showing that inflation in the euro zone rose more than expected this month continued to support the euro, while Bank of Japan comments still weighed on the yen.

During U.S. morning trade, the euro was steady, near one-month highs against the dollar with EUR/USD up 0.04% at 1.3610.

Preliminary data showed that the annual rate of inflation in the euro zone rose to 0.9% in November, from October’s four year low of 0.7%, exceeding expectations for a rise to 0.8%.

A separate report showed that the unemployment rate in the single currency bloc ticked down to 12.1% last month, from 12.2% in September. Analysts had expected the unemployment rate to remain unchanged in October.

The data came after a report showed that German retail sales fell 0.8% last month, confounding expectations for a 0.5% rise, after a 0.2% slip in September.

The greenback was also steady against the pound, with GBP/USD down 0.04% at 1.6338.

Earlier in the day, data showed that net lending to individuals in the U.K. rose by GBP1.7 billion in October, after an upwardly revised GBP2.2 billion increase the previous month, compared to expectations for a GBP2.1 billion rise.

The dollar was little changed against the yen, with USD/JPY inching up 0.02% at 102.33, hovering near six-month highs, and lower against the Swiss franc with USD/CHF falling 0.21% at 0.9037.

In Japan, official data showed that household spending rose at an annualized rate of 0.9% in October, in line with expectations, after a 3.7% increase the previous month.

A separate report showed that Tokyo's core consumer inflation, which excludes fresh food, rose at an annualized rate of 0.6% this month, exceeding expectations for a 0.4% increase, after a 0.3% rise in October.

In addition, preliminary government data showed that industrial production in Japan rose 0.5% last month, below expectations for a 2% increase, after a 1.3% gain in September.

The yen remained under pressure amid expectations that the BoJ will expand its monetary stimulus program in the coming months in order to meet its target of 2% inflation by 2015.

Separately, the KOF Economic Research Agency said its economic barometer for Switzerland rose to 1.85 in November, from 1.71 the previous month, compared to expectations for a rise to 1.82.

The dollar was steady to lower against its cousins in Canada, Australia and New Zealand, with USD/CAD easing 0.01% at 1.0580, AUD/USD adding 0.17% at 0.9118 and NZD/USD gaining 0.46% at 0.8155.

In a report, Statistics Canada said the country's gross domestic product rose 0.3% in September, exceeding expectations for a 0.1% increase, after a 0.3% rise in August.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.12% at 80.54.

Dollar remains steady to lower in thin trade

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