Dollar Rises as Investors Eye Publication of U.S. Economic Reports

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The dollar traded higher against other major currencies on Friday, as investors looked ahead to the publication of a series of U.S. economic reports due late Friday and as weak euro zone data diminished demand for the single currency.

EUR/USD shed 0.22% to trade at 1.1350.

The euro fell after new data revealed that the single currency bloc’s gross domestic product rose by a mere 0.5% in the first quarter, from 0.3% in the previous quarter. The growth was below the initial reading of 0.6%.

Year-on-year, the single currency bloc’s GDP grew 1.5%, missing initial estimates of a 1.6% increase.

USD/JPY fell 0.29% to trade lower at 108.71.

The yen recovered on Friday but gains were limited after Haruhiko Kuroda, Bank of Japan Governor, said on Friday that the central bank will act “decisively” to reach its 2% inflation target, noting that it still has “ample” policy options available if it needed to expand stimulus once more.

The greenback was higher the pound, with GBP/USD giving up 0.25% at 1.4413 and was virtually unchanged against the Swiss franc, with USD/CHF trading at 0.9704.

The Australian and New Zealand dollars were both weaker against their American counterpart, with AUD/USD slumping 0.53% to 0.7286 and with NZD/USD slipping 0.32% to 0.6798.

Elsewhere, USD/CAD went up 0.13% to trade higher at 1.2860.

The U.S. dollar index, which gauges the greenback’s position against basket of six currencies, inched higher 0.17% at 94.27.

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