Dollar Steady as Investors Await Release of U.S. Economic Reports

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dollar and yuan

The dollar was steady against its rivals, particularly the euro and the yen on Friday, as investors looked ahead to the release of a set of U.S. economic reports later in the day.

EUR/USD was virtually unchanged at 1.1265, near Thursday’s two-and-a-half week low of 1.1233.

Investor enthusiasm improved after fresh data revealed that China’s gross domestic product grew by 6.7% in the three months of 2016, meeting market expectations, following a growth rate of 6.8% in the last quarter of 2015.

A separate report showed that Chinese industrial production rose 6.8% in March, surpassing projections of a 5.9% growth, after a 5.4% gain in February.

The positive numbers helped ease worries over a sluggish Chinese economy.

USD/JPY traded at 109.45, the highest since Thursday last week.

Investors and analysts are eagerly anticipating the release of U.S. reports on industrial production and consumer sentiment later in the day for further clues on the standing of the economy.

On Thursday, the Labor department said the number of people filing for initial jobless benefits in the week leading to April 9 dropped by 13,000 to 253,000, the lowest in 43 years.

Meanwhile, the U.S. dollar index, which shows the greenback’s position against a set of trade-hinged rival currencies, was steady at 94.89.

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