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Dollar Pulls Back As 2017 Draws To A Close

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The dollar is losing ground against all of its major rivals Friday afternoon. There was little news to drive the direction of trade ahead of the long New Year's weekend. A number of investors remained away from their desks, leading to a rather subdued trading session.

Traders can look forward to some important news next week. The minutes from the most recent meeting of the Federal Reserve will be released on Wednesday, January 3. The U.S. jobs report for December is also slated to be released on Friday, January 5.

The dollar has tumbled to over a 3-month low of $1.20 against the Euro Friday afternoon, from an early high of $1.1936.

Eurozone money supply grew at a slightly slower pace in November, the European Central Bank said Friday.

The broad monetary aggregate M3 grew 4.9 percent year-on-year in November, slower than the 5 percent increase seen in October. Economists had forecast a 4.9 percent rise.

Germany's inflation slowed less-than-expected in December and the annual average for 2017 was the highest in five years, preliminary data from the statistical office Destatis showed Friday.

The consumer price index rose 1.7 percent year-on-year following 1.8 percent increase in November. Economists had forecast 1.5 percent inflation.

The buck has fallen to a 3-week low of $1.3515 against the pound sterling Friday afternoon, from a high of $1.3436 this morning.

The greenback dropped to a low of Y112.468 against the Japanese Yen Friday, but has since rebounded to around Y112.615.

by RTTNews Staff Writer

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