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Dollar extends gains after U.S. economic reports

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© Reuters. Dollar pushes higher as U.S. retail sales support

Investing.com – The dollar extended gains against the other major currencies on Friday, as the release of upbeat U.S. retail sales data fuelled optimism over the strength of the economy, boosting demand for the greenback.

climbed 0.40% to 112.87, off Thursday’s 15-month trough of 110.98.

In a preliminary report, the University of Michigan said its slipped to 90.7 in February from 92.0 the previous month. Analysts had expected the index to remain unchanged this month.

Separately, the U.S. Census Bureau said that rose 0.2% in January, exceeding expectations for a 0.1% uptick. Retail sales rose 0.2% increase in December, whose figure was revised from a previously estimated 0.1% fall.

, which exclude automobiles, increased by 0.1% last month, in line with expectations and after an uptick of 0.1% in December.

dropped 0.74% to trade at 1.1239.

Preliminary data showed that grew 0.3% in the fourth quarter, in line with expectations and unchanged from the previous quarter. Year-on-year, rose 1.5% in the last quarter, as expected.

The report came shortly after data showed that grew 0.3% in the fourth quarter, in line with expectations and unchanged from the previous quarter. Year-on-year, rose 2.1% in the last quarter, below expectations for a 2.3% growth rate.

A separate report showed that declined by 1.0% in December, compared to expectations for a 0.3% gain.

Elsewhere, the dollar was steady against the pound, with at 1.4473 and was higher against the Swiss franc, with gaining 0.47% to 0.9769.

Meanwhile, the Australian and New Zealand dollars were weaker, with down 0.44% at 0.7076 and with tumbling 1.44% to 0.6619.

The Australian Bureau of Statistics reported on Friday that increased by 2.6% in December, disappointing expectations for a 3.0% gain. Home loans rose 1.9% in November, whose figure was revised from a previously estimated 1.8% increase.

edged down 0.14% to trade at 1.3915, as a rebound in lent support to the commodity-related Canadian currency.

Oil prices rose after the United Arab Emirates energy minister said late Thursday that the OPEC was willing to talk with other exporters about cutting output. Crude futures for April delivery were still below $29 a barel in U.S. morning hours.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.48% at 96.09, off Thursday’s four-month low of 95.28.

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