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Forex: Dollar Barely Budges Amid Mixed Economic Data (RTTNews) - The dollar remained uncertain on Tuesday, staying near a yearly low versus the euro, even as traders weighed a slew of first-tier economic data and a look into the collective mindset of Federal Reserve officials. According to the minutes of the Fed's November rate setting meeting released this afternoon, policy makers are growing confident the U.S. economic recovery is sustainable. However, the Fed noted that employment is not likely to pick up soon, fueling speculation that measures designed to prop up the economy will remain in place for the time being. The central bank predicted the unemployment rate will range from 9.3 percent to 9.7 percent in next year's fourth quarter, a modest improvement from the June projection of 9.5 percent to 9.8 percent. Today's news on the economy was sobering. GDP was revised to show the economy grew at only a 2.8 percent rate in the third quarter, slower than the initial reading of 3.5 percent. Meanwhile, home prices in the twenty major metropolitan areas in the U.S. decreased at a slower annual rate in the month of September, according to a report released by Standard and Poor's on Tuesday, However, the pace of decline was still slightly faster than expected. Also today, the Conference Board released a report showing an unexpected improvement in consumer confidence in the month of November. Looking at the currency charts, the dollar stayed near 1.5000 against the euro, hovering near a 15-month low of 1.5062 set back in October. The buck tailed off after gains in the previous two sessions versus the sterling, easing to 1.6590. Traders looking for a safe haven continued to favor the yen against the buck, which slipped to a 6-week low of 88.35 in early dealing. Even with the price of oil dropping below $77 a barrel, the dollar stood still near C$1.0580 against its petro-linked Canadian counterpart. |
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