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Forex - Dollar dips on solid U.S. data, Greece fears dampen mood

Published Oct 26, 2012 03:18PM ET Updated Oct 26, 2012 03:25PM ET
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Investing.com - The dollar fell against most major currencies on Friday after U.S. third-quarter gross domestic product growth rates beat market expectations, fueling appetite for risk.

Fears Greece may run into fresh financial woes sent investors back to the dollar, however, dampening a would-be risk-on trading session.

In U.S. trading on Friday, EUR/USD was up 0.02% at 1.2937.

The U.S. economy grew 2.0% in the third quarter, according to advance estimates released by the Bureau of Economic Analysis, well above 1.3% in the previous quarter.

The number beat analysts' forecasts for 1.9% economic growth in the third quarter, which sparked demand higher-yielding assets and enticed investors out of the safety of the greenback.

Elsewhere in the U.S., Thomson Reuters/University of Michigan final survey on October consumer sentiment fell to 82.6 from a preliminary reading of 83.1.

Analysts had expected the index to tick down to 83.0 in October, though growth expectations fueled optimism in the session.

Brewing concerns that the European debt crisis may be rekindling in Greece watered down the mood.

German Finance Minister Wolfgang Schaeuble reportedly said doubts have arisen as to whether Greece will meet bailout requirements.

Elsewhere, an International Monetary Fund report found that Greek debt is poised to exceed targets agreed upon with international lenders, though Greece allayed worries by stating an agreement on an austerity package was being held up just by opposition from a coalition ally.

Earlier this week, Greece said its European and IMF creditors gave it more time to push through austerity cuts though E.U. officials said otherwise, which prevented the euro from rallying.

Concerns the debt crisis may reheat in Greece dampened a risk-on rally. The greenback, meanwhile, was up against the pound, with GBP/USD trading down 0.12% at 1.6099.

The dollar was down against the yen, with USD/JPY trading down 0.84% at 79.62 and down against the Swiss franc, with USD/CHF trading down 0.03% at 0.9350.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD trading up 0.33% at 0.9982, AUD/USD up 0.22% at 1.0370 and NZD/USD trading up 0.57% at 0.8228.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% at 80.13. 






 
Forex - Dollar dips on solid U.S. data, Greece fears dampen mood
 

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