Economic news (1 March 2013) – The dollar edged higher against most major currency counterparts, including the euro on Thursday, following generally positive economic data coming from the US. The greenback was trading at 1.3061 against the euro at the time of writing, still managing to hold the 1.3055-1.3065 area.
Despite some slightly falling-on-expectations data, most results from U.S. economic indicators released yesterday showed generally positive readings. The ‘’black sheep’’ turned out to be the GDP annual growth as it showed that the U.S. economy has registered a very modest increase, only 0.1%. The actual figure is still better than the originally expected fall of 0.1%, but much lower than the 3.1% pace of growth reported in the third quarter.
The pace of dollar’s climb picked up on Thursday when the Labour Department published a report indicating that the first-time claims for state unemployment benefits decreased much more than forecasted, with an actual figure of 344000.
The greenback received another boost as report showed that the Chicago-area business activity increased at a faster rate for February.
Meanwhile, the euro dropped for a second consecutive day despite a strong German retail sales figure released earlier today. German retail sales rose 3.1% in January, far exceeding the expectations for a 1% growth while on an annual basis they increased by 2.4% against a forecast for a drop by 1.8% .
The greenback was the top-earning performer on the world markets in February, surpassing gains by stocks, bonds and commodities.
Source: dfmarkets.co.uk
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