The US dollar ticks up amid weak economic data in the Eurozone

NEW YORK, April 28 (Xinhua) -- The U.S. dollar rose slightly in late trade on Friday as the euro zone saw weak economic growth in the first quarter of this year.

The dollar index, which measures the greenback against six major peers, rose 0.16 percent to 101.6595 in late trade.

In late New York trading, the euro was down to US$1.1017 from US$1.1025 in the previous session, and the British pound rose to US$1.2563 from US$1.2491 in the previous session.

The US dollar bought 136.2430 Japanese yen, higher than 133.95 Japanese yen from the previous session. The US dollar fell to 0.8938 Swiss francs from 0.8940 Swiss francs, and it was down to 1.3537 Canadian dollars from 1.3602 Canadian dollars. The US dollar was down to SEK 10.2638 from SEK 10.2951.

Eurostat reported on Friday that the euro area's first-quarter gross domestic product (GDP) increased by 0.1 percent from the quarter. Growth was in line with previous readings but weaker than some economists' expectations of 0.2 percent.

Europe's largest economy, Germany, was flat in the first quarter, compared with market consensus for a quarter-on-quarter expansion of 0.1 percent.

Disappointing euro zone and German GDP numbers pushed the euro lower on Friday, according to Kenny Fisher, market analyst with online forex trading platform and broker OANDA.

The US Bureau of Economic Analysis reported on Friday that US personal income rose 0.3 percent month-on-month in March, unchanged from February's growth. Personal consumption expenditures rose 0.1 percent month-on-month, down from previous growth of 0.3 percent.

The University of Michigan's Consumer Survey Center reported Friday that consumer sentiment for April was 63.5, unchanged from the preliminary reading but higher from 62 in February.

The Federal Open Market Committee has about an 80 percent probability of raising the federal funds rate by another 25 basis points at the upcoming monetary policy meeting in early May, down from the 83.9 percent probability in the previous session, according to data from the CME FedWatch Tool on Friday afternoon .


https://nord.news/2023/04/28/the-us-dollar-ticks-up-amid-weak-economic-data-in-the-eurozone/?feed_id=25920

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