The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, despite the release of some better than expected economic data. The U.S. currency is up against the Euro, but is slightly lower against the Japanese Yen and the British pound. Trading activity has been on the light side, as investors prepare for the coming Christmas holiday.
Personal income and spending in the U.S. both rose at the same rate in the month of November, according to a report released by the Commerce Department on Wednesday. The report said personal income increased by 0.3 percent in November after climbing by 0.4 percent in October. Economists had expected income to edge up by 0.2 percent.
The Commerce Department said personal spending also rose by 0.3 percent in November, while revised data showed spending was unchanged in October. The increase in spending matched economist estimates.
After reporting a sharp increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Wednesday showing that durable goods orders came in roughly flat in November.
The report said durable goods orders were virtually unchanged in November after surging up by 2.9 percent in October. Orders had been expected to pull back by about 0.5 percent.
New home sales in the U.S. increased for the second consecutive month in November, according to a report released by the Commerce Department on Wednesday. The Commerce Department said new home sales climbed 4.3 percent to an annual rate of 490,000 in November from the revised October rate of 470,000.
Economists had expected new home sales to rise 2.0 percent to a rate of 505,000 from the 495,000 originally reported for the previous month.
The dollar climbed to a high of $1.0869 against the Euro Wednesday, but has since retreated to around $1.0910.
French consumer spending declined for a second consecutive month in November and at the biggest pace since the start of 2014, mainly due to lower energy consumption and weaker spending on clothing, the INSEE said Wednesday.
Household spending dropped 1.1 percent from October, when it fell 0.2 percent. Economists had expected a modest 0.1 percent gain.
The buck fell to a low of $1.49 against the pound sterling Wednesday, but has since rebounded to around $1.4865.
The U.K. economy grew slightly less than initially estimated in the third quarter, the Office for National Statistics said Wednesday. Gross domestic product climbed 0.4 percent from the second quarter, which was revised down from 0.5 percent estimated previously.
The greenback has dipped to around Y120.840 against the Japanese Yen Wednesday afternoon, from a high of Y121.056 this morning.
The material has been provided by InstaForex Company – www.instaforex.com