Thursday in Asia, the dollar edged down against its major counterparts as investors remained cautious ahead of various economic reports due from U.S. today.
The dollar declined to a 9-day low against the yen, 6-week low against the aussie and a 2-day low against the NZ dollar.
The U.S. personal income and spending, durable goods orders, new home sales - all for November, University of Michigan's final report on consumer confidence for December and the weekly jobless claims for the week ended December 18 are slated for release today.
U.S. economic activity in the third quarter increased faster than previously estimated, but the pace of growth was not upwardly revised by as much as economists had anticipated, official data showed yesterday.
Existing home sales in the US rose 5.6% to an annual rate of 4.68 million in November, according to a release from the National Association of Realtors. Even so, the growth in sales was lower compared to an increase to 4.75 million economists had forecast.
Asian stocks are trading mixed today ahead of the Christmas weekend. The stock markets in Australia, Taiwan, Hong Kong and Singapore gained, but the stock markets in China, New Zealand and South Korea slipped.
The dollar declined against the euro in Asian deals on Thursday. As of now, the dollar is worth 1.3130 per euro, compared to yesterday's closing value of 1.3101. On the downside, 1.318 is seen as the next target level for the U.S. currency.
During Asian session on Thursday, the dollar slipped against the pound. At present, the dollar is worth 1.5430 against the pound. The next downside target level for the dollar is seen at 1.550. The pound-dollar pair was worth 1.5391 at yesterday's close.
The dollar that closed yesterday's trading at 83.56 against the yen fell to a 9-day low of 83.08 in Asian deals on Thursday. If the dollar weakens further, it may likely target the 82.9 level.
In Asian deals on Thursday, the U.S. dollar edged down to a 6-week low of 1.0039 against the Australian dollar. This may be compared to yesterday's close of 0.9990. On the downside, 1.018 is seen as the next target level for the greenback.
The U.S. dollar dropped against the Canadian dollar in Asian session on Thursday. Currently, the greenback-loonie pair is worth 1.0121 and the next downside target level for the greenback is seen at 1.011. The pair closed yesterday's trading at 1.0128.
The U.S. dollar that rose to a 3-day high of 0.7391 against the New Zealand dollar in early Asian deals on Thursday on dismal NZ third quarter GDP data dropped thereafter. The greenback is presently trading at a 2-day low of 0.7472 against the kiwi. If the greenback falls further, it may likely target the 0.749 level. At yesterday's close, the kiwi-greenback pair was quoted at 0.7403.
Statistics NZ reported that the nation's third quarter GDP was minus 0.2 percent compared to the preceding quarter. For the full year to Q3, GDP growth was 1.5 percent. Both results were below analysts' estimates of 0.2 percent quarterly expansion and 1.9 percent annual growth.
French consumer spending and PPI - both for November are expected at 2:45 am ET.
At 8:30 am ET, Canada's GDP for October is due for release.
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