Home Forex Dollar Higher on Friday after U.S. Data, Tax Plan Reveal

Dollar Higher on Friday after U.S. Data, Tax Plan Reveal

179
0
SHARE
many dollars the United States as a dollar; currency; american; finance; money; bill; wealth; usa; bank; business; paper; cash; savings; investment; banking; success; hundred; loan; financial; debt; sign; note; banknote; 100; pay; white; symbol; salary; u

The dollar was broadly higher against other major currencies on Friday, despite U.S. data being weaker than expected.

The U.S. Commerce Department reported on Friday that increases in consumer spending last month were in line with expectations, up 0.1%. Core inflation, however, eased unexpectedly.

The core personal consumption expenditures price index eased to 1.3% in August, down from 1.4% in July. The Federal Reserve is targeting a 2% reading.

The weak inflation data weighed on the greenback, as did speculation of Federal Reserve Chair Janet Yellen being replaced. U.S. Treasury Secretary Steven Mnuchin and President Donald Trump reportedly had a meeting with Kevin Warsh to discuss his possible nomination as Yellen’s replacement.

Warsh served as a Fed Governor from 2006 through 2011. He was also a member of the former Fed chairman Ben Bernanke’s circle of advisers.

The greenback found support after U.S. Donald Trump revealed a plan on Wednesday to lower taxes for Americans and businesses.

Trump’s plan still faces challenges, as the Republicans in Congress are divided over the issue and Democrats are against it.

The pound slipped 0.36% against the dollar, trading at 1.3394. The dollar also gained against the yen, trading up 0.29% to 112.63.

In the UK, the Office for National Statistics reported that gross domestic product increased by 1.5% in the second quarter of the year, failing to meet expectations of a 1.7% expansion. The UK economy grew by 0.3% in the three-month period ended June.

The euro, however, gained against the greenback, up 0.13% to 1.1802. The gain comes despite data on Friday showing that the consumer price inflation held steady in September instead of increasing as expected.

Elsewhere, the Australian dollar was weaker against the dollar, falling 0.15% to 0.7844. The New Zealand dollar held steady at 0.7233.

Against the Canadian dollar, the greenback gained 0.18% to trade at 1.2450.

SHARE
Previous articleAmazon Set to Venture into Computing
Next articleDollar Remains Strong on Treasury Yields to Start the Week
 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.

LEAVE A REPLY