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The greenback initially dipped across the board on data showing U.S. consumer prices fell by 0.5% in October while prices excluding food and energy were up just 0.1%. However, the dollar rebounded later on a batch of usd-friendly data, including the foreign purchases of U.S. assets which remained net positive to the tune of $53.7 billion in September, the Philadelphia Fed index (solid reading of 5.1 in November) and the NAHB housing market index, which strengthened to 33.0 in November from a previous reading of 31.0.
As a result, euro fell from intra-day high of 1.2842 to 1.2784. The dollar also rebounded from an intra-day low of 1.2441 to 1.2495 against the Swiss franc. Cable edged higher initially from an intra-day low of 1.8853 due to short-covering after U.K. retail sales to be stronger-than-expected. However, it met renewed selling in the U.S. session and retreated from 1.8935 to 1.8870.
The U.S. unit maintained a firm undertone against the yen throughout the day and registered a fresh intra-week high of 118.35 mainly due to BOJ's governor Fukui dampened expectations of another Japanese interest rate hike in 2006 when he said he didn't know the timing of future rate moves.
Data to be released on Friday include eurozone trade balance, U.S. building permits and housing starts. -------------------------------------------------------------
Updating time : 16/11/2006 19:09 GMT
Dollar edges higher on expectations of moderate U.S. economic growth
The greenback initially dipped across the board on data showing U.S. consumer prices fell by 0.5% in October while prices excluding food and energy were up just 0.1%. However, the dollar rebounded later on a batch of usd-friendly data, including the foreign purchases of U.S. assets which remained net positive to the tune of $53.7 billion in September, the Philadelphia Fed index (solid reading of 5.1 in November) and the NAHB housing market index, which strengthened to 33.0 in November from a previous reading of 31.0.
As a result, euro fell from intra-day high of 1.2842 to 1.2784. The dollar also rebounded from an intra-day low of 1.2441 to 1.2495 against the Swiss franc. Cable edged higher initially from an intra-day low of 1.8853 due to short-covering after U.K. retail sales to be stronger-than-expected. However, it met renewed selling in the U.S. session and retreated from 1.8935 to 1.8870.
The U.S. unit maintained a firm undertone against the yen throughout the day and registered a fresh intra-week high of 118.35 mainly due to BOJ's governor Fukui dampened expectations of another Japanese interest rate hike in 2006 when he said he didn't know the timing of future rate moves.
Data to be released on Friday include eurozone trade balance, U.S. building permits and housing starts. -------------------------------------------------------------
