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Forex - Dollar mostly lower on profit-taking, bargain hunting

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Investing.com - The U.S. dollar is currently trading down against most of its major rivals in Friday's Asian session as traders appear to be booking profits in the greenback following a decent showing during Thursday's U.S. session.

In Asian trading Friday, EUR/USD rose 0.03% to 1.3194 after falling 0.83% to settle at 1.3174 on Thursday. Myriad data points sent traders out of riskier currencies such as the euro and into safer fare such as the dollar.

London-based Markit Economics reported earlier that the eurozone's services purchasing managers' index for the dropped to 47.3 in February from 48.6 in January, missing expectations for an increase to 49.2.

USD/JPY fell 0.09% to 93.09 even research published by Societe Generale earlier today noted the yen, Australian dollar and Mexican peso are the currencies that are most vulnerable to a rising U.S. dollar and bond yields.

GBP/USD added 0.04% to 1.5257 while USD/CHF slipped 0.10% to 0.9303. In U.S. economic news, the National Association of Realtors said existing home sales rose 0.4% in January to a seasonally adjusted annual rate of 4.92 million units. Analysts expected a 4.9 million-unit rate. The January 2013 rate is the second-highest since November 2009.

Initial claims for jobless benefits jumped by 20,000 to 362,000 last week, according to the Labor Department. The less volatile four-week moving average rose by 8,000 to 360,750.

The Labor Department said its consumer price index was unchanged in January after a flat reading in the prior month. Economists expected a modest January increase of 0.1%. The core index, which excludes food and energy prices, rose 0.3% last month, topping the 0.2% increase economists expected.

USD/CAD fell 0.13% to 1.0174, putting the loonie in a position to snap a five-day losing streak against its southern neighbor, which has been brought on by slumping gold and oil prices.

Elsewhere, AUD/USD surged 0.53% to 1.0303 while NZD/USD climbed 0.44% 0.8377. The U.S. Dollar Index fell 0.06% to 81.43.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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