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Dollar Trading Mixed Ahead Of G20 Meeting

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The dollar is turning in a mixed performance against its major rivals Friday afternoon. Traders are in a cautious mood ahead of a meeting of G20 finance ministers and central bank governors being held in Germany over the next two days. Given the protectionist views of the Trump administration, it remains to be seen whether the final statement from the meeting will contain a pledge to resist all forms of protectionism.

With a steep drop in utilities output offsetting a jump in mining output, the Federal Reserve released a report on Friday showing that U.S. industrial production came in flat in the month of February. The Fed said industrial production was unchanged in February after edging down by a revised 0.1 percent in January.

Economists had expected production to rise by 0.2 percent compared to the 0.3 percent drop originally reported for the previous month.

After reporting a pullback in U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing that sentiment has rebounded by more than expected in March. The preliminary report showed that the consumer sentiment index rose to 97.6 in March after dropping to 96.3 in February. Economists had expected the index to rise to 97.0.

A report released by the Conference Board on Friday showed that its index of leading U.S. economic indicators climbed to its highest level in over a decade in February. The Conference Board said its leading economic index rose by 0.6 percent in February, matching the increases seen in the two previous months. The index had been expected to rise by 0.4 percent.

The dollar has climbed to around $1.0745 against the Euro Friday afternoon, from an early low of $1.0782.

Eurozone's visible trade surplus eased more-than-expected in January from the previous month, as exports declined and imports increased, figures from Eurostat showed Friday. The seasonally adjusted trade surplus dropped to EUR 15.7 billion from EUR 23.1 billion in December. Economists had forecast EUR 22 billion surplus.

Eurozone construction output declined for the second straight month in January, data from Eurostat showed Friday. Construction output fell a seasonally adjusted 2.3 percent month-over-month in January, faster than the 0.6 percent drop in December, which was revised from a 0.2 percent decrease reported earlier.

The buck has fallen to around $1.2390 against the pound sterling this afternoon, from a high of $1.2323 this morning.

The greenback has dropped to a 2-week low of Y112.650 this afternoon, from an early high of Y113.490.

by RTT Staff Writer

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