Strong data lifts U.S Dollar against major currencies

The U.S Dollar gains momentum after the release of better than expected economic data

Submitted by Peter Fleming on Sat, 12/08/2006 - 10:06pm.

In Major Currencies | Economic Data | Economic Indicators | US Dollar

The U.S Dollar extends its gains on Friday in New York trading amid the release of stronger economic data.

Import prices in July grew 0.9 percent which is slightly higher than the expected 0.8 percent. Retail sales rose to a higher than expected 1.4 percent from an 0.4 percent decrease in June.

The U.S Dollar gained against the Euro after the release of mixed German and French economic data. It rose to a high of 1.2718, strengthened by its own economic data.

The U.S currency was steady against the Japanese Yen throughout the day and rose to a two week high of 116.4 Yen. After 3:30pm, the U.S dollar was worth 116.28 Yen.

Meanwhile, the U.S dollar strengthened against the British pound, reaching a high of 1.8890 against the pound. As of 3:30pm, the pound was worth 1.8894 dollars.

The market now awaits for the release of keu economic data in the following week, which will include the PPI, housing starts dataand the consumer price index.

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