Dollar pushes higher vs. other majors after U.S. data

Investing.com – The dollar pushed higher against the other majors currencies on Wednesday, after a batch of mixed U.S. economic reports and news of a long-awaited agreement to limit oil production.

The U.S. National Association of Realtors said pending home sales rose by 0.1% last month, missing expectations for an increase of 0.2%.

The report came after U.S. payroll processing firm ADP said non-farm private employment rose by 216,000 in November, above forecasts for an increase of 165,000.

Separately, the U.S. Commerce Department said that personal spending increased by 0.3% in October, below expectations for a 0.5% gain.

Meanwhile, personal income rose by 0.6% in October, compared to expectations for 0.4% advance.

EUR/USD slid 0.35% to 1.0613.

In the euro zone, data earlier showed that the consumer price index rose by 0.6% this month, in line with forecasts and the biggest increase since April 2014.

A separate report showed that the number of unemployed people in Germany declined by 5,000 in November, in line with expectations.

Data also showed that German retail sales increased by 2.4% in October, beating expectations for a 1.0% rise. However, year-on-year, German retail sales dropped 1.0% last month.

Elsewhere, GBP/USD fell 0.30% to 1.2455.

USD/JPY advanced 0.95% to 113.44, while USD/CHF gained 0.47% to 1.0166.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.99% at 0.7408 and with NZD/USD shedding 0.36% to 0.7101.

Earlier Wednesday, the Australian Bureau of Statistics reported that building approvals dropped 12.6% in October, confounding expectations for a 1.5% gain.

Data also showed that the ANZ business confidence index for New Zealand slipped to 20.5 this month from a reading of 24.5 in October.

Meanwhile, USD/CAD was little changed at 1.3421.

The commodity currencies shrugged off a surge in oil prices following news the Organization of the Petroleum Exporting Countries agreed on its first oil output cuts since 2008.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.45% at 101.44, close to recent 14-year highs of 102.12.