Forex - Pound hits 10-month highs vs. dollar

The pound rose to session highs against the dollar on Wednesday after revised data showed that the rate of growth in the U.K. economy in the third quarter was in line with preliminary estimates.

GBP/USD rose 0.37% to 1.6274, the highest level since January 2, up from 1.6213 on Tuesday.

Cable was likely to find support at 1.6175 and resistance at 1.6338, the high of January 2.

The Office for National Statistics said its second estimate of U.K. third-quarter gross domestic product was unchanged at 0.8% quarter-on-quarter, while the annual rate of growth was also unchanged at 1.5%. 
It was the fastest quarterly rate of growth in over three years.

The ONS said consumer spending rose by 0.8%, its fastest pace since the second quarter of 2010, while industrial output rose 0.6% on the quarter. Construction output was up 1.7%, less that the preliminary estimate.

Trade volumes remained thin ahead of the U.S. Thanksgiving holiday on Thursday.

The release of mixed U.S. economic data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.

Data released on Tuesday showed that U.S. consumer confidence unexpectedly fell to seven month low in November, but a separate report showed that the number of building permits issued in the U.S. rose to the highest level in five years in October.

The euro fell to session lows against sterling, with EUR/GBP sliding 0.13% to 0.8359.

The U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area later Wednesday, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.

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Dollar at 1-month lows vs. euro, 6-month highs vs. yen

The dollar slipped to one-month lows against the euro on Wednesday, but traded up to almost six month highs against the yen in thin trade ahead of the U.S. Thanksgiving holiday on Thursday.

During European morning trade, USD/JPY was up 0.44% to 101.71, just below Monday’s six month peak of 101.91.

The yen remained under heavy selling pressure amid heightened expectations that the Bank of Japan will implement more easing measures next year.

Earlier Wednesday, BoJ board member Sayuri Shirai raised doubts over whether the bank’s target of 2% inflation can be reached by 2015 because of downside risks to growth.

The release of mixed U.S. economic data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.

Data released on Tuesday showed that U.S. consumer confidence unexpectedly fell to seven month low in November, but a separate report showed that the number of building permits issued in the U.S. rose to the highest level in five years in October.

Elsewhere, EUR/USD was up 0.14% to 1.3590, the highest level since October 31.

The euro extended gains after data showed that the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.

The pound was also higher against the dollar, with GBP/USD rising 0.11% to 1.6231 ahead of revised data on U.K. third quarter growth later in the session.

The dollar edged lower against the Swiss franc, with USD/CHF dipping 0.08% to trade at 0.9055.

The greenback was little changed against the Australian, New Zealand and Canadian dollars, with AUD/USD slipping 0.10% to 0.9115,NZD/USD edging down 0.01% to 0.8192 and USD/CAD inching up 0.12% to 1.0553.

Data released on Wednesday showed that New Zealand's trade deficit narrowed to NZD168 million last month, the narrowest deficit since 1996, while exports to China rose to a record high.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged down 0.02% to 80.62. 

The U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area later Wednesday, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.

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German Gfk consumer climate rises to 6-year high in December

Germany's consumer climate for December rose to the highest level since August 2007, fuelling optimism over the health of the euro zone’s largest economy, industry data showed on Wednesday. 

In a report, market research group Gfk said its index of Germany's consumer climate rose by 0.3 points to 7.4 in December from 7.1 in November, whose figure was revised up from a reading of 7.0. 

Analysts had expected the index to remain unchanged at 7.1 in December. 

The report said that economic and income expectations registered considerable increases and willingness to buy reached a seven-year high.

Following the release of the data, the euro added to modest gains against the U.S. dollar, with EUR/USD inching up 0.15% to trade at 1.3594 from 1.3587 ahead of the data. 

Meanwhile, European stock markets remained higher. The EURO STOXX 50 added 0.1%, France's CAC 40 advanced 0.2%, the FTSE 100 edged up 0.2%, while Germany's DAX tacked on 0.15%.

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European stocks rise ahead of German, U.S. data; Dax up 0.18%

European stocks were higher on Wednesday, tracking Tuesday's Wallstreet rally as investors eyed the release of German consumer climate data, as well as a string of U.S. economic reports later in the day. 

During European morning trade, the EURO STOXX 50 rose 0.20%, France’s CAC 40 gained 0.29%, while Germany’s DAX 30 added 0.18%. 

The release of mixed U.S. economic data on Tuesday did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.

Data showed that U.S. consumer confidence unexpectedly fell to seven month low in November, but a separate report showed that the number of building permits issued in the U.S. rose to the highest level in five years in October. 

Investors were eyeing preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.

Concerns over mounting deflationary pressures in the euro area prompted the European Central Bank to cut interest rates to a record low 0.25% at its November meeting. 

Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.27% and 0.66%, while Germany's Deutsche Bank added 0.17%. 

Among peripheral lenders, Spanish banks BBVA and Banco Santander gained 0.29% and 0.59% respectively, while Italy's Unicredit edged up 0.24%. 

Elsewhere, Orange climbed 0.44% after the Paris-based phone company agreed to sell its Dominican Republic unit to Altice, a cable and telecommunications investor, for USD1.4 billion. 

On the downside, hotel operator Accor plummeted 4.63% after saying it will separate the operation and ownership of hotels into two businesses. 

In London, FTSE 100 rose 0.21%, supported by sharp gains in the financial sector. 

Shares in HSBC Holdings gained 0.46% and Lloyds Banking advanced 0.57%, while Barclays and the Royal Bank of Scotland rallied 0.99% and 1.07% respectively. 

Mining stocks were also on the upside, as Glencore Xstrata climbed 0.42% and Randgold Resources gained 0.66%, while Polymetal jumped 1.08% and Vedanta Resources surged 1.99%. 

Tesco remained the worst performer on the index for the second consecutive session, down 3.03%, following reports the supermarket giant suffered a 6% drop in sales in the 12 weeks to November 10, leading to a 1.5% decline in its share of the multibillion Irish grocery market. 

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.09% increase, S&P 500 futures signaled a 0.05% gain, while the Nasdaq 100 futures indicated a 0.07% rise. 

Later in the day, Germany was to release the Gfk report on consumer climate. 

The U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.

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Asia stocks mixed; Nikkei ends down 0.4%

Asian stock markets were mixed in rangebound trade on Wednesday, amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

During late Asian trade, Hong Kong's Hang Seng Index inched up 0.4%, Australia’s ASX/200 Index ended 0.45% lower, while Japan’s Nikkei 225 Index closed down 0.42%.

Markets on Wall Street closed with modest gains on Tuesday after the Conference Board said that its index of consumer confidence declined to a seven-month low of 70.4 in November from a reading of 72.4 in October. 

The disappointing confidence data came after a flurry of upbeat U.S. housing data.

The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million, the highest since June 2008, from September’s total of 0.970 million. 

Separately, Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 13.3% in September from a year earlier, the strongest increase since February 2006 and above forecasts for an increase of 13%.

Minutes of the Fed’s October meeting published last week revealed that the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.

The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.

In Tokyo, the Nikkei edged lower for the second consecutive session as traders continued to monitor movements in the currency market.

USD/JPY fell to hit a daily low of 101.23, moving further off a six-month high of 101.90 hit earlier in the week. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.

Automakers Toyota and Honda saw shares fall 0.5% and 0.95% respectively. 

Meanwhile, in Australia, the ASX/200 Index inched lower as losses in the mining sector weighed on the benchmark index.

BHP Billiton and Rio Tinto declined 1.45% and 1.15% respectively, while gold miners Newcrest Mining and Kingsgate Consolidated lost 4.1% 8.9% apiece.

Elsewhere, in Hong Kong, the Hang Seng edged higher after People’s Bank of China Governor Zhou Xiaochuan assured the market of more financial reforms, including free deposit rates and a more flexible currency.

Brokerages were higher following the comments, with CITIC Securities up 2.5% and Haitong Securities gaining 2.75%.

Looking ahead, European stock market futures pointed to a mixed open.

The EURO STOXX 50 futures pointed to a gain of 0.1% at the open, France’s CAC 40 futures declined 0.1%, London’s FTSE 100 futures indicated a flat open, while Germany's DAX futures pointed to an increase of 0.1%.

Meanwhile in the U.S., equity markets pointed to a flat open. The Dow Jones Industrial Average futures pointed to a 0.05% gain, S&P 500 futures signaled a 0.05% advance, while the Nasdaq 100 futures indicated a rise of 0.1%.

The U.S. is to release data on durable goods orders as well as a report on manufacturing activity in the Chicago region and revised data on consumer sentiment. 

In addition, the Labor Department is to release the weekly report on initial jobless claims one day ahead of schedule due to Thursday’s Thanksgiving holiday.

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Forex - Euro hits 1-month high vs. dollar and 4-year high vs. yen

The euro edged up to one month highs against the dollar on Wednesday and hit four year highs against the yen in thin trading conditions ahead of the U.S. Thanksgiving holiday on Thursday.

EUR/USD inched up 0.06% to 1.3580, the highest since October 31 from 1.3570 on Tuesday.

The pair was likely to find support at 1.3515 and resistance at 1.3645.

The release of mixed U.S. economic data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings.

Data released on Tuesday showed that U.S. consumer confidence unexpectedly fell to seven month low in November, but a separate report showed that the number of building permits issued in the U.S. rose to the highest level in five years in October.

Investors were turning their attention to preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.

Concerns over mounting deflationary pressures in the euro area prompted the European Central Bank to cut interest rates to a record low 0.25% at its November meeting.

EUR/JPY rose 0.33% to 137.91, the highest level since October 2009 from 137.45 on Tuesday.

Elsewhere, the dollar regained ground against the yen, with USD/JPYclimbing 0.31% to 101.57, holding below the six-month high of 101.91 hit on Monday.

The U.S. was to release reports on durable goods orders and manufacturing activity in the Chicago area later Wednesday, as well as the weekly report on initial jobless claims. The Labor Department report was being released one day early due to the U.S. holiday.

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U.S. stocks open slightly higher after strong data; Dow Jones up 0.16%

U.S. stocks opened slightly higher on Tuesday, supported by upbeat U.S. housing sector data, although speculation the Federal Reserve could soon begin tapering its stimulus program persisted. 

During early U.S. trade, the Dow Jones Industrial Average added 0.16%, the S&P 500 index edged up 0.13%, while the Nasdaq Composite index eased up 0.08%. 

Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 13.3% in September from a year earlier, above forecasts for an increase of 13% and posting its largest increase since February 2006. 

U.S. home prices in August rose by 12.8%. 

The report came after data showed that U.S. building permits rose at the fastest pace in five years in October. 

The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to decline to 0.940 million units in October. 

In the financial sector, Citigroup edged up 0.19% although it failed to persuade a U.S. judge that Abu Dhabi Investment Authority was barred under an agreement with the bank from seeking arbitration over USD2 billion in claims the emirate’s entity already pursued and lost. 

The tech sector was also in focus, with Qualcomm up 1.06% even as China’s National Development and Reform Commission began an investigation on the company related to an anti-monopoly law. 

Among earnings, luxury retailer Tiffany beat estimates, posting profit of 73 cents a share that sent the stock soaring 7.24%. 

Men’s Wearhouse rallied 6.39% after offering to buy rival Jos. A. Bank Clothiers for about USD1.54 billion. Shares in Jos. A. Bank Clothiers surged 11.76% following the news. 

Elsewhere, Wal-Mart Stores saw shares add 0.17% a day after the company named Doug McMillon as its new chief executive officer, replacing Mike Duke. 

Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 dipped 0.02%, France’s CAC 40 fell 0.19%, Germany's DAX added 0.10%, while Britain's FTSE 100 declined 0.43%. 

During the Asian trading session, Hong Kong's Hang Seng Index dipped 0.01%, while Japan’s Nikkei 225 Index slid 0.67%. 

Later in the day, the U.S. was to produce private sector data on consumer confidence.

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Forex - GBP/USD gives up gains after Carney comments

The pound erased gains against the dollar on Tuesday after Bank of England Governor Mark Carney said the 7% unemployment target is a threshold and not a trigger for rising interest rates.

GBP/USD dipped 0.01% to 1.6154 during European afternoon trade, down from session highs of 1.6194.

Cable was likely to find support at 1.6100 and resistance at 1.6239, Monday’s high.

Carney welcomed the fall in the U.K. unemployment rate to 7.6% in the third quarter, but reiterated that the bank’s 7% target for unemployment was a threshold at which the bank would consider raising interest rates.

"The exact timing of when that 7% threshold will be achieved is subject to uncertainty. We do our best to give our estimates of that uncertainty... One month's unemployment figures does not have a material change on those likelihoods," he said.

The comments came during testimony on the BoE’s quarterly inflation report before parliament’s Treasury committee.

Carney defended the bank’s forward guidance on rates, saying it gives market participants a view of the conditions that the bank needs to see before considering rate hikes.

On the economy, Carney said that "all the elements" were in place for a pick-up in activity.

Sterling was lower against the euro, with EUR/GBP rising 0.19% to 0.8382.

The euro shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said Tuesday that negative deposit rates are still a possibility.

Investors were turning their attention to preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.

The slowdown in euro zone inflation last month prompted the ECB to cut interest rates to a record low 0.25% at its November meeting.

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Forex - Euro hits session lows vs. dollar after Hansson remarks

The euro fell to session lows against the dollar on Monday and trimmed gains against the yen following reports in Bloomberg that a senior European Central Bank official said the bank is ready to cut interest rates further.

EUR/USD was down 0.31% to 1.3512 during European late morning trade, from 1.3557 on Friday.

The pair is likely to find support at 1.3461, Friday’s low and resistance at 1.3557, Friday’s high.

The euro slipped after Bloomberg reported that ECB Governing Council member Ardo Hansson said the bank is ready to make further cuts to interest rates and is “technically ready” for negative deposit rates.

“The options on rate cuts are still not fully exhausted and there are all kinds of other measures that are still on the table,” Hansson said.

The comments came amid concerns over mounting deflationary pressures in the euro area after data showed that the annual rate of inflation in the region fell to a four year low of 0.7% in October.

The slowdown in inflation prompted the ECB to cut rates to a record low 0.25% at its November policy meeting.

Investors were looking ahead to preliminary euro zone inflation data for November due for release on Friday, ahead of the ECB’s next monthly meeting on December 5.

The euro pulled back from four year highs against the broadly weaker yen, with EUR/JPY up 0.16% to 137.48 after rising as high as 137.99 earlier, the highest level since October 2009.

Elsewhere, the dollar was trading at six-month highs against the yen, with USD/JPY up 0.47% to 101.73, the highest level since May 30.

The dollar continued to remain supported by the view that the Federal Reserve could start scaling back its stimulus program at one of its next few meetings.

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Forex - EUR/USD weekly outlook: November 25 - 29

The euro gained ground against the dollar on Friday and rose to four year highs against the yen as stronger-than-forecast German business confidence data bolstered the outlook for the economic recovery in the currency bloc.

EUR/USD ended Friday’s session at 1.3556, up from 1.3480 on Thursday. For the week, the pair gained 0.39%.

The pair is likely to find support at 1.3414, the low of November 20 and resistance at 1.3588, the high of November 1.

Germany’s Ifo business climate index rose to 109.3 in November, its highest level since April 2012, from 107.4 in October. Economists had expected the index to tick up to 107.7.

The data pointed to a broad based recovery in the euro zone’s largest economy and eased concerns over the possibility of further rate cuts by the European Central Bank. 

The euro also remained supported after ECB President Mario Draghi after downplayed speculation over negative deposit rates in the euro zone in a speech on Thursday.

The euro ended the week 1.81% higher against the broadly weaker yen, with EUR/JPY settling at 137.28, the highest level since October 2009.

The yen weakened broadly amid mounting expectations that the Bank of Japan will implement additional easing measures next year. 

BoJ Governor Haruhiko Kuroda indicated that a fresh round of monetary easing could be on the cards on Thursday, saying the bank “would not hesitate” to take further steps in order to meet its 2% inflation target. The bank “has room to act against upside and downside risks”, he said.

The comments came at a news conference following a decision by the bank to keep monetary policy on hold.

Demand for the U.S. dollar continued to be underpinned after Wednesday’s minutes of the Federal Reserve’s October meeting said the bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.

In the week ahead, the euro zone is to release what will be closely watched data on consumer prices and the unemployment rate. 

The U.S. is to release a series of reports on the housing sector, as well as data on consumer confidence and durable goods orders. 

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, November 25

The U.S. is to release private sector data on pending home sales, a leading indicator of economic health.

Tuesday, November 26

The U.S. is to produce data on building permits, a leading indicator of future construction activity as well as a report on housing starts. The nation is also to release private sector data on consumer confidence and house price inflation.

Wednesday, November 27

In the euro zone, Germany is to release the Gfk report on consumer climate.

The U.S. is to release data on durable goods orders, a leading indicator of production, as well as a report on manufacturing activity in the Chicago region and revised data on consumer sentiment. The Labor Department is to release the weekly report on initial jobless claims one day ahead of schedule due to Thursday’s Thanksgiving holiday.

Thursday, November 28

In the euro zone, Germany is to release preliminary data on consumer inflation, in addition to data on the change in the number of people unemployed.

Markets in the U.S. will be closed for the Thanksgiving holiday. 

Friday, November 29

The euro zone is to release preliminary data on consumer inflation and a separate report on the unemployment rate across the currency bloc. Germany is to release data on retail sales.

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Forex - GBP/USD weekly outlook: November 25 - 29

The pound pushed higher against the dollar on Friday, tracking gains in the euro following the release of stronger-than-forecast German business confidence data.

GBP/USD ended Friday’s session at 1.6225, the highest since October 25, up from Thursday’s close of 1.6197. For the week, the pair gained 0.69%.

Cable is likely to find support at 1.6150 and resistance at 1.6255, the high of October 23.

Germany’s Ifo business climate index rose to 109.3 in November, its highest level since April 2012, from 107.4 in October. Economists had expected the index to tick up to 107.7.

The data pointed to a broad based recovery in the euro zone’s largest economy and eased concerns over the possibility of further rate cuts by the European Central Bank. 

Sterling was lower against the euro following the release of the data, withEUR/GBP rising 0.41% to 0.8355 at the close, from 0.8320 on Thursday.

Elsewhere, the pound rose to its highest level against the yen since October 2008, with GBP/JPY settling at 164.29, up from 163.84 on Thursday. The yen came under broad selling pressure amid heightened expectations that the Bank of Japan could implement a fresh round of monetary easing early next year.

In the U.K., Wednesday’s minutes of the Bank of England’s November meeting said that recent economic data pointed to a sustained recovery since the bank’s August inflation report, but warned that low levels of inflation within the euro zone could act as a drag on growth.

The minutes also indicated that there were questions over the “durability” of the U.K. recovery past the end of this year and said there was a case for not raising interest rates immediately when the 7% unemployment threshold was reached.

Meanwhile, the minutes of the Federal Reserve’s October meeting said the bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.

In the week ahead, the U.S. is to release a series of reports on the housing sector, as well as data on consumer confidence and durable goods orders. BoE Governor Mark Carney is to testify on inflation to parliament’s Treasury Committee and the bank is to publish its semi-annual financial stability report. 

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, November 25

The U.S. is to release private sector data on pending home sales, a leading indicator of economic health.

Tuesday, November 26

BoE Governor Mark Carney and several BoE policymakers are to testify on the outlook for inflation and economic growth before parliament’s Treasury Committee.

The U.S. is to produce data on building permits, a leading indicator of future construction activity as well as a report on housing starts. The nation is also to release private sector data on consumer confidence and house price inflation.

Wednesday, November 27

The U.K. is to release revised data on third quarter economic growth, as well as preliminary data on business investment. 

The U.S. is to release data on durable goods orders, a leading indicator of production, as well as a report on manufacturing activity in the Chicago region and revised data on consumer sentiment. The Labor Department is to release the weekly report on initial jobless claims one day ahead of schedule due to Thursday’s Thanksgiving holiday.

Thursday, November 28

The BoE is to publish its twice yearly financial stability report. BoE Governor Mark Carney is to hold a press conference about the report.
Markets in the U.S. will be closed for the Thanksgiving holiday. 

Friday, November 29

The U.K. is to release data on net lending to individuals and mortgage approvals.

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U.S. futures steady in cautious trade; Dow Jones up 0.02%

U.S. stock futures pointed to a steady open on Friday, as supported Thursday's upbeat U.S. economic reports still supported equity markets, although indications the Federal Reserve could begin tapering its asset purchases in the near future weighed. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.02% gain, S&P 500 futures signaled a 0.03% dip, while the Nasdaq 100 futures indicated a 0.02% rise. 

U.S. equities found support after preliminary data on Thursday showed that U.S. manufacturing activity improved to an eight-month high of 54.3 in November from a reading of 51.8 in October.

A separate report showed that the number of people filing for initial jobless benefits last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000. 

The minutes of the Fed's October meeting showed earlier in the week that the central bank could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected. 

Financial stocks were expected to be active, after Goldman Sachs said its currency trading business didn’t incur a loss in the last quarter, contradicting previous reports. 

Reuters had reported on Thursday that the bank posted more than USD1 billion in market-making losses on currency products in the third quarter. Goldman shares rose 0.19% in after-hour trade. 

Retailers were also likely to be in focus, after Target, which opened its first stores in Canada in March, posted third-quarter profit on Thursday that trailed analysts’ estimates after the loss in its Canadian unit was wider than expected. 

Shares in the discount retailer slid 0.30% in extended trading. 

Gap shares tumbled 1.10% pre-market as the specialty-apparel retailer maintained an annual profit forecast range signaling that the crucial holiday-shopping quarter may fall short of analysts’ expectations. 

In the tech sector, Intel plummeted 1.47% amid reports it is providing increased access to its manufacturing plants for other chipmakers, in a move to boost its revenue sources as it faces greater competition. 

Other stocks expected to be in focus included Foot Locker and PetSmart, scheduled to report earnings later in the day. 

Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 inched 0.01% higher, France’s CAC 40 rose 0.32%, Germany's DAX eased up 0.01%, while Britain's FTSE 100 dipped 0.03%. 

During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.49%, while Japan’s Nikkei 225 Index edged up 0.10%.

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Dollar mixed vs. rivals, remains supported by U.S. data

The dollar was mixed against the other major currencies on Friday, but remained supported as positive U.S. economic reports on Thursday fuelled further expectations for the Federal Reserve to begin scaling back its stimulus program in the near future.

During European morning trade, the euro edged higher against the dollar with EUR/USD up 0.24% at 1.3513.

The euro gained ground after the Ifo Institute for Economic Research said Germany's business climate index rose to a 19-month high of 109.3 in November, from a reading of 107.4 the previous month. Analysts had expected the index to rise to 107.7 this month. 

The data conforted the idea that Germany's economic recovery is gaining momentum, after data on Thursday showed that manufacturing activity in the euro zone's biggest economy rose to a 29 month peak this month. 

The single currency also remained supported after European Central Bank President Mario Draghi downplayed speculation that the bank was actively considering whether to cut deposit rates into negative territory. 

Meanwhile, demand for the dollar remained supported after preliminary data on Thursday showed that U.S. manufacturing activity improved to an eight-month high of 54.3 in November, while a separate report showed that jobless claims last week fell by 21,000 to 323,000. 

The minutes of the Fed's October meeting showed earlier in the week that the central bank could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.

The greenback was steady against the pound, with GBP/USD up 0.02% at 1.6202. 

The dollar was little changed against the yen with USD/JPY inching up 0.01% at 101.17, and lower against the Swiss franc with USD/CHFslipping 0.19% at 0.9111.

The dollar was broadly higher against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.36% at 1.0556, AUD/USD sliding 0.67% at 0.9174 and NZD/USD edging down 0.15% at 0.8193. 

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.14% at 80.90.

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