USD Edges Lower on Profit Taking from Dull US Data

Fundamental analysis on USD

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Geneva, Switzerland -- (SBWIRE) -- 01/17/2014 -- The USD fell against other major currencies on Thursday after US jobless claims and inflation data met market expectations. The data were taken as uninspiring, sparking profit taking from recent Dollar gains. During early Asian session, the USD fell against GBP, EUR, JPY, CHF and AUD but rose against NZD and CAD.

The number of individuals filing for initial jobless benefits in the second week of January dropped by 2,000 to 326k from the previous week’s total of 328k whereas consensus expected the data to be unchanged. CPI on the other hand rose by 0.3% in December, in line with forecasts. Core consumer prices up 0.1% last month, also meeting estimates. Investors viewed the data as too soft for the Fed to further tapering its monthly bond purchases.

On Friday, the US is to wrap up the week with the preliminary reading of the University of Michigan consumer sentiment index. The US is also to release data on building permits, housing starts and industrial production.

Economic data for the rest of this week are as follows:

Friday: Switzerland PPI; UK retail sales; US University of Michigan consumer sentiment index, building permits, housing starts and industrial production.

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