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Dollar Trading Mixed Ahead Of Data Deluge

The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, but remains little changed overall. Trading activity is rather restrained due to the national day of mourning in honor of former President George H.W. Bush.

Traders are looking forward to a deluge of U.S. economic data Thursday morning. Private sector employment, weekly jobless claims, international trade, factory orders and the ISM non-manufacturing index are all slated to be released tomorrow.

The dollar fell to a low of $1.1361 against the Euro Wednesday, but has since rebounded to around $1.1345.

Eurozone retail sales grew in October after decreasing in the previous month, preliminary data from Eurostat showed on Wednesday. Retail sales grew 0.3 percent from September, when they fell 0.5 percent, after the stagnation reported earlier was revised. Economists had forecast a 0.2 percent increase for October.

Eurozone's private sector growth was the lowest in more than two years during November, led by Germany, though the pace of slowdown was less than what was estimated initially. The final Eurozone Composite purchasing managers' index fell to 52.7 from October's 53.1, survey data from IHS Markit showed on Wednesday. The figure was slightly higher than the flash estimate of 52.4.

The buck dropped to a low of $1.2798 against the pound sterling Wednesday, but has since bounced back to around $1.2750.

UK services sector growth slowed to its weakest level in nearly two-and-a-half years in November, amid weaker growth in both business activity and new work as Brexit concerns intensified, defying expectations for a modest improvement.

The CIPS UK Services purchasing managers' index, or PMI, fell to 50.4 from 52.2 in October, marking the lowest level since July 2016, survey results from IHS Markit showed on Wednesday. Economists had forecast a score of 52.5.

The greenback has climbed to around Y113.185 against the Japanese Yen this afternoon, from an early low of Y112.675.

The services sector in Japan continued to expand in November, albeit at a fractionally slower pace, the latest survey from Nikkei showed on Wednesday with a PMI score of 52.3. That's down from 52.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

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