US Dollar stronger despite mixed data

Story link: US Dollar stronger despite mixed data

The US dollar strengthened on Thursday as analysts characterized new economic data as mixed but more positive than had been anticipated. Unemployment claims were higher last week and growth slowed in the services sector in December, but factory orders were up a bit in the latest available report.

In mid-afternoon trade in New York, the greenback had added 0.4 percent versus both the Swiss franc and sterling, to SFr1.2310 and $1.9440 respectively, while it was 0.5 percent higher in relation to the euro, to $1.3090. Meanwhile, the US currency held firm against the yen at ¥119.30.

The yen was stronger, but analysts put the gains to profit taking after a number of currencies hit long-time highs against the Japanese currency recently. The yen was 0.5 percent higher in relation to sterling, to ¥231.76 despite news of strong growth in the UK’s service sector and more indications that the UK housing market remains strong. The yen was up 0.7 percent to ¥156.06 versus the euro, while it added 0.8 percent to ¥93.68 in relation to the Australian dollar and gained 1.3 percent to ¥83.18 against the New Zealand dollar.

The Australian and Canadian dollars both lost ground to the US dollar, with the Canadian dollar 0.3 percent lower to C$1.1760 and the Aussie down 0.7 percent to $0.7860. The Norwegian krone fell 0.9 percent versus the greenback, to NKr6.3250, while the South African rand was 1 percent lower to R7.0600.