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Forex - Dollar falls on buoyant German data, hopes for strong U.S. sales

ForexNov 23, 2012 01:54PM ET
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Investing.com - The dollar softened against the world's major global currencies on Friday amid a risk-on trading session after German business confidence figures beat expectations, which enticed investors out of the safety of the greenback.

Black Friday — the Friday after the U.S. Thanksgiving holiday — kicked off, and market participants were hoping U.S. consumers will turn out in healthy numbers this season, which sent stocks rising and the dollar falling as investors took on risk.

In U.S. trading on Friday, EUR/USD was up 0.69% at 1.2974

In Europe earlier, the German Ifo Institute reported that its index of business confidence jumped to 101.4 in November from 100.0 in October, beating expectations for a decline to 99.5.

The data came in the heels of a report revealing that Germany’s manufacturing purchasing managers’ index climbed to 46.8 in November from 46.0 in October, beating out market forecasts for a 45.9 reading.

Germany's month-on-month gross domestic product grew 0.2% in the third quarter, in line with expectations.
 
The broader eurozone’s manufacturing purchasing managers’ index rose to 46.2 for November from 45.4 in October, above expectations for a reading of 45.6.

Hopes that the International Monetary Fund and E.U. policymakers will free up pending aid for Greece bolstered the single currency and brought the greenback as well.

Meanwhile, the greenback was down against the pound, with GBP/USD trading up 0.62% at 1.6036.

The dollar was down against the yen, with USD/JPY trading down 0.11% at 82.38 and down against the Swiss franc, with USD/CHF trading down 0.73% at 0.9282.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD trading down 0.53% at 0.9920,  AUD/USD up 0.67% at 1.0461 and NZD/USD trading up 1.06% at 0.8246.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.76% at 80.22.








Forex - Dollar falls on buoyant German data, hopes for strong U.S. sales
 

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