The greenback had meager changes against its rival currencies as market players were wary on the upcoming release of US economic data reports due later today, August 12, 2016.
Investors are anticipating particularly the US retail sales and consumer sentiments data reports for additional hints on the timing on the next possible interest rate increase by the Federal Reserve.
Elsewhere, markets were anxious today after data revealed Chinese industrial production rallied by a yearly rate of 6.0% last month, falling below an expected 6.1% gain and after a 6.2% increase in June. A separate report showed that China’s retail sales inched up by an annualized rate of 10.2% last month, falling yet again behind an expected 10.5% gain.
These reported data contributed further to worries over the Asian’s country’s economic slowdown. China possesses the world’s second biggest economy.
As of 10:25 AM GMT, the US dollar index, which measures the strength of the currency against its rivals, was trading lower 0.06% to 95.84. The value is not far from its previous close of 95.90 on Thursday.
In the same period, forex pair EUR/USD was climbing 0.13% to 1.1153.
The euro was lent support after the Eurostat reported that the Eurozone’s gross domestic product (GDP) edged up 0.3% in the second quarter, unchanged from the quarter prior and coincided with consensus estimates.
For a year-on-year view, the GDP jumped 1.6% in the quarter, in line with the expansion in the first three months of 2016 and the estimates.
The data report was posted after Germany had markets taken aback earlier today with its growth of 0.4%, topping forecasts of 0.2%.
In a separate report, Eurozone’s industrial production had grown 0.6% in June, surpassing forecasts for a 0.5% increase and after its decline of 1.2% last July.
Meanwhile, GBP/USD was mostly steady today, trading a small increase of 0.01% to 1.2957 as of 10:33 AM GMT.
Sterling has been drowning in selling pressure since the British central bank axed interest rates last week and after it had failed to reach its goal in a new bond buying program last Tuesday.
Dollars in Australia and New Zealand were weaker against their US counterpart today, however. AUD/USD was down 0.25% to 0.7680 while NZD/USD declined 0.26% to 0.7192 as of writing.
Earlier in the day, Statistics New Zealand said that retail sales climbed 2.3% in the second quarter, beating predictions for a 0.9% gain and after a 0.8% increase in the three months to March.
Core retail sales, which do not include automobiles and gas stations, nudged higher 2.6% in the quarter, exceeding predictions for an increase of 1.1%.
Other currency pairs
USD/JPY was up 0.20% to 102.20, and USD/CHF climbed 0.04% to 0.9759. Meanwhile, forex pair USD/CAD traded lower 0.12% to 1.2978 as of 10:45 AM GMT.
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