Investing.com - The dollar was higher against the yen on
Wednesday following the release of slightly stronger than expected
data on Chinese first quarter growth, while the Canadian dollar
weakened following a dovish rate statement from the Bank of
USD/JPY was last up 0.33% to 102.25, from 101.90 on Tuesday.
Market sentiment was buoyed after official data released on
Wednesday showed that China's gross domestic product expanded at an
annual rate of 7.4% in the first three months of 2014, slowing from
7.7% in the fourth quarter, but slightly ahead of expectations for
growth of 7.3%
The euro was little changed against the dollar, with EUR/USD
edging up 0.06% to 1.3824, while USD/CHF edged up 0.07% to
In the euro zone, data confirmed that the annual rate of
inflation slowed to 0.5% in March from 0.7% the previous month, the
lowest since November 2009. The weak data added to pressure on the
European Central Bank to take fresh steps to stave off the risk of
deflation in the region.
Elsewhere, the pond was trading close to four-year highs against
the dollar, with GBP/USD up 0.46% to 1.6802, not far from the peaks
of 1.6821 struck on February 17.
The pound's gains came after data showed that the U.K.
unemployment rate fell to a five year low of 6.9% in the three
months to February, bolstering the outlook for the wider economic
The U.S. dollar rose to session highs against the Canadian
dollar, with USD/CAD advancing 0.20% to 1.1000 after the BoC left
rates on hold at 1.00% and said the timing and direction of the
next change to the policy rate will be data dependent.
New Zealand's dollar fell to one-and-a-half week lows, with
NZD/USD down 0.39% to 0.8610 after data showed that the annual rate
of inflation in New Zealand slowed in the first three months of
The Australian dollar was almost unchanged, with AUD/USD edging
up 0.15% to 0.9376.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was steady
In the U.S., data on Wednesday showed that industrial production
rose 0.7% in March, ahead of expectations for a 0.5% increase.
A separate report showed that U.S. housing starts rose less than
expected in March, while building permits fell, pointing to
underlying weakness in the housing sector.
Market watchers were looking ahead to a speech on monetary
policy by Fed Chair Janet Yellen in New York later in the trading
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