Dollar Strengthens in Anticipation of U.S. Data Release

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The dollar went up against several major currencies on Friday, as investors eagerly anticipate the release of U.S. retail data later in the day for clues on the overall standing of the American economy.

USD/JPY rose 0.10% to 112.53, stronger than Thursday’s 15-month low of 110.98.

Investors were slightly optimistic after oil prices nudged higher following the statement of United Arab Emirates’ energy minister on Thursday saying OPEC was willing to talk with other oil producers about scaling down output.

Meanwhile, Federal Reserve Chairwoman Janet Yellen appeared before a Senate committee on Thursday, reiterating the same points she made the day before to the House Finance committee.

EUR/USD went down 0.37% to trade at 1.1281, but still remained within range of the previous session’s 3 ½-month peak of 1.1377.

Elsewhere, the American currency was weaker against the British pound, with GBP/USD going up 0.50% at 1.4548, and was stronger against the Swiss franc, with USD/CHF gaining 0.31% to close at 0.9754.

The Australian dollar was stable, with AUD/USD remaining at 0.7110, while NZD/USD declined 0.80% to 0.6662.

USD/CAD inched lower by 0.13% to trade at 1.3919, as the recovery in oil prices made the commodity-related Canadian currency more appealing to traders.

The U.S. dollar index was up 0.14% at 95.77, a few points higher Thursday’s 4-month trough of 95.28.

Jacob Maslow is a native New Yorker with  five children. He left his payroll manager position after finding that his true passion was in writing, and has never looked back.

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