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Dollar rises against major currencies after U.S. factory orders report

Dollar rises against major currencies after U.S. factory orders report

The dollar rose against most major currencies on Friday after Washington reported positive economic news on factory orders.
In afternoon New York trading, the euro bought $1.2910, down from $1.2928 late Thursday in New York. The British pound also slipped to $1.9588 from $1.9641.
The dollar strengthened against the Japanese currency, rising to 121.58 yen from 121.11 yen.
The Commerce Department reported Friday that orders to factories for big-ticket manufactured goods rose in December by the largest amount in three months, led by a huge jump in demand for commercial aircraft and the biggest increase in orders for cars and trucks in more than two years.
The report said new orders for durable goods rose 3.1 percent last month to a seasonally adjusted total of $221.9 billion. The gain followed a 2.2 percent November increase and was the strongest showing since an 8.7 percent September advance.
Meanwhile, a later report showed that new home sales in 2006 plunged by the largest amount in 16 years. However, December sales surprised analysts by increasing by 4.8 percent, the second straight gain after a 7.4 percent rise in November.
The markets are looking ahead to next week's Federal Reserve meeting on Tuesday and Wednesday to discuss the future course of interest rates. The central bank has kept rates unchanged at 5.25 percent for the past four meetings.
Higher interest rates support a currency by making some assets denominated in that currency more attractive to investors.
In other New York trading, the dollar bought 1.2537 Swiss francs, up from 1.2486 late Thursday, and 1.1805 Canadian dollars, down from 1.1813.


Updated : 2021-06-23 07:17 GMT+08:00