Dollar regains some ground after positive U.S. data

29 / 12 / 2015 | Market News
The dollar regained some ground against the other major currencies on Tuesday, after data indicated that the U.S. goods trade deficit extended less-than-expected in November, although during the last week of the year, trading volumes are expected to remain light. 

Missing analysts expectation for $60.90 billion in November for the trade deficit to widen, the U.S. Bureau of Economic Analysis reported that the goods trade deficit widened to $60.50 billion last month from $58.41 billion in October.

Market participants were still eyeing a report on U.S. consumer confidence due later in the day after mixed U.S. economic reports released last week failed to offer clues as to how fast the U.S. central bank will raise interest rates next year.

Investors are now focusing on the pace of future rate increases, keeping  out of the way the first U.S. rate hike since 2006.  

Elsewhere, the single currency slid 0.31% against the dollar, with EUR/USD to trade at 1.0934.

The dollar pushed higher against the pound and the Swiss franc, with GBP/USD down 0.61% at 1.4791 and with USD/CHF climbing 0.44% to 0.9927.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.45% at 0.7282 and with NZD/USD rising 0.34% to 0.6870.

Meanwhile, both USD/CAD and USD/JPY held steady at 1.3898 and at 120.42, accordingly. 

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.34% at 98.32, off the previous session’s 1-week low of 97.84.

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