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Dollar Little Changed Ahead Of Data Deluge


The dollar is turning in a mixed performance against its major rivals Thursday afternoon, but is little changed overall. Investors are in a cautious mood ahead of the release of a large number of economic reports Friday morning. Inflation data, retail sales, industrial production and consumer sentiment are all slated for release tomorrow.

Investors kept a close eye on the second round of testimony by Fed Chair Janet Yellen before Congress today. Yellen appeared today before the Senate Banking Committee.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended July 8th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 247,000, a decrease of 3,000 from the previous week's revised level of 250,000.

Economists had expected jobless claims to edge down to 245,000 from the 248,000 originally reported for the previous week.

A report released by the Labor Department on Thursday showed a modest increase in U.S. producer prices in the month of June. The Labor Department said its producer price index for final demand inched up by 0.1 percent in June after coming in flat in May. Economists had expected prices to remain unchanged.

The dollar rose to a high of $1.1369 against the Euro Tuesday, but has since eased back to around $1.14.

Germany's consumer price inflation increased as initially estimated in June, latest figures from Destatis showed Thursday. The consumer price index rose at a slightly faster pace of 1.6 percent year-over-year in June, following a 1.5 percent climb in May. That was in line with the flash data published on June 26.

France's inflation slowed as estimated in June, final results from the statistical office Insee showed Thursday. Consumer prices advanced 0.7 percent on a yearly basis, following a 0.8 percent rise in May.

The buck climbed to an early high of $1.2889 against the pound sterling Thursday, but has since retreated to around $1.2935.

The average asking price for a house in the United Kingdom dropped precipitously in June, the Royal Institution of Chartered Surveyors said on Thursday with an index score of +7. That was well shy of forecasts for a +15 and down sharply from +17 in May.

The greenback advanced to a high of Y113.525 against the Japanese Yen this morning, but has since pulled back to around Y113.225.

by RTTNews Staff Writer

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