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Dollar Still Lower on Downbeat Housing Data

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The dollar remained broadly lower against other currencies on Friday, as downbeat housing data dragged the currency down. The greenback still hovered near a 14-year high, supported by the Fed’s decision to raise interest rates.

The Commerce Department reported that housing starts plummeted 18.7% to 1.090 million units in November, down from 1.340 million units in October.

Analysts expected November’s reading to come in at 1.230 million units.

Building permits in the U.S. declined by 4.7% to 1.201 million units in November from 1.260 million in October. Analysts were expecting units to fall by 1.240 million units last month.

The greenback rallied after the Federal Reserve raised rates by 25 basis points, and projected three hikes for 2017.

The euro gained 0.29% against the dollar to 1.443. The pound gained 0.19% against the greenback, trading at 1.2435.

The pound was still supported by the Bank of England’s decision to hold interest rates at a low of 0.25% and maintain the bond-buying program target of £435 billion.

Meanwhile, the dollar gained against its Canadian counterpart on Friday.

USD/CAD climbed to 1.3384 in early U.S. trade.

Data out of Canada showed that foreign securities purchases climbed by C$15.75 billion in October, surpassing expectations of a C$12.35 billion increase.

Foreign securities purchase increased by C$11.79 billion in September, a figure that was revised up from C$11.77 billion.

The Canadian dollar was lower against the euro, gaining 0.45% to 1.3951.

The yen recovered ground against the dollar after the Fed’s decision sent the currency surging. The currency was trading at 118.37 against the dollar.

Elsewhere, the Australian and New Zealand dollars were both weaker against the dollar. The Aussie declined against the dollar by 0.37% to 0.7331. The kiwi fell against the dollar, down 0.51% to 0.7001.

The dollar index fell 0.17% to 102.97, still hovering near a 14-year high of 103.56.

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Jacob Maslow
Online Marketing Consultant at Consultwebs
 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms.
Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns.
In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business."
Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.
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 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms. Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns. In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business." Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.

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