Views Article – Sharenet Wealth

Europe, Forex

Dollar gains on U.S. economic optimism

(Recasts with dollar, adds quote, updates prices) By Karen Brettell NEW YORK, Jan 17 (Reuters) – The greenback rose to a one-week high against the euro on Friday as economic data pointed to solid economic growth, and reduced fears about an impending slowdown. U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates. It comes after data on Thursday showed that U.S. retail sales increased for a third straight month in December, while a gauge of manufacturing activity in the U.S. Mid-Atlantic region rebounded in January to its highest level in eight months. “The last couple of sessions we’ve gotten some pretty good data,” said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto. “There was a little bit of concern by the Federal Reserve with regard to the health of the consumer and household market in the U.S., but it seems like yesterday’s retail sales numbers and also the housing data from yesterday and today have assuaged some of those fears for the time being,” Rai said. The euro fell 0.41% against the dollar to $1.1089. The Japanese yen was little changed on the day, after weakening earlier on Friday as record high stocks reflected stronger risk appetite. U.S. stock indexes were driven higher by optimism over corporate earnings, upbeat economic data and indications of resilience in China’s economy. Data on Friday showed that China’s economy ended the year on a firmer note, even as economic growth cooled to its weakest in nearly 30 years. “December data signaled a strong finish for the Chinese economy and that suggests the Chinese economy may be primed for a rebound in 2020,” said Lee Hardman, a currency strategist at MUFG in London. The yen rose hit 110.28, the weakest since May, before falling back to 110.12. The offshore Chinese yuan also strengthened as far as 6.8567, the strongest since July. ======================================================== Currency bid prices at 2:20PM (1920 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1089 $1.1135 -0.41% -1.08% +1.1142 +1.1087 Dollar/Yen JPY= 110.1200 110.1400 -0.02% +1.16% +110.2800 +110.0600 Euro/Yen EURJPY= 122.14 122.67 -0.43% +0.16% +122.8300 +122.1300 Dollar/Swiss CHF= 0.9679 0.9644 +0.36% +0.01% +0.9695 +0.9646 Sterling/Dollar GBP= 1.3017 1.3076 -0.45% -1.83% +1.3117 +1.3017 Dollar/Canadian CAD= 1.3063 1.3040 +0.18% +0.59% +1.3075 +1.3034 Australian/Doll AUD= 0.6877 0.6898 -0.30% -2.09% +0.6911 +0.6873 ar Euro/Swiss EURCHF= 1.0735 1.0743 -0.07% -1.08% +1.0757 +1.0735 Euro/Sterling EURGBP= 0.8517 0.8513 +0.05% +0.75% +0.8531 +0.8488 NZ NZD= 0.6615 0.6638 -0.35% -1.80% +0.6650 +0.6608 Dollar/Dollar Dollar/Norway NOK= 8.9081 8.8859 +0.25% +1.46% +8.9191 +8.8825 Euro/Norway EURNOK= 9.8775 9.8942 -0.17% +0.40% +9.9035 +9.8771 Dollar/Sweden SEK= 9.5163 9.4873 -0.14% +1.81% +9.5239 +9.4817 Euro/Sweden EURSEK= 10.5545 10.5695 -0.14% +0.81% +10.5767 +10.5380 (Additional reporting by Saikat Chatterjee in London Editing by Nick Zieminski and Richard Chang)

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