The dollar is losing ground against its major rivals Friday afternoon. Early gains against its major European rivals have turned to losses heading into the weekend. Better than expected U.S. GDP data provided an early boost to the currency.
Economic growth in the U.S. slowed in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.
The Commerce Department said real gross domestic product advanced by 3.5 percent in the third quarter after surging up by 4.2 percent in the second quarter. Economists had expected GDP growth to slow to 3.3 percent.
Consumer sentiment in the U.S. deteriorated by slightly more than initially estimated in the month of October, the University of Michigan revealed in a report released on Friday. The report said the consumer sentiment index for October was downwardly revised to 98.6 from the preliminary reading of 99.0.
Economists had expected the consumer sentiment index to be unrevised at 99.0, which was still down from 100.1 in September.
The dollar climbed to an early high of $1.1335 against the Euro Friday, but has since retreated to around $1.1410.
Germany’s consumer confidence is set to remain stable in November, despite Brexit and trade disputes weighing on economic and income expectations.
The forward-looking consumer sentiment index came in at 10.6 in November, the same as seen in October, survey data from the market research group GfK showed Friday. The score was forecast to drop to 10.5.
French consumer confidence improved marginally in October, survey data from the statistical office Insee showed Friday. The consumer sentiment index rose to 95 in October from 94 in September. The score came in line with expectations.
The buck rose to a high of $1.2777 against the pound sterling Friday morning, but has since eased back to around $1.2825.
The greenback dropped to a low of Y111.376 against the Japanese Yen Friday, but has since rebounded to around Y111.925.
Overall consumer prices in the Tokyo region were up 1.5 percent on year in October, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and up from 1.3 percent in September.