Good data on orders for durable goods in the US were leveled by a rather restrained report on the growth of the US economy.
On Friday morning, data was released which indicated a decrease in consumer confidence in France in January of this year. This suggests that a number of consumers have become less confident in the prospects for their financial situation.
According to the report of the statistics agency Insee, the index of consumer confidence in France was at the level of 104 points, which is lower than the December value of 105 points. Economists had expected that in January the index would be 105 points.
The confidence in the manufacturing sector in France increased in January. According to the National Bureau of Statistics of France, the index of sentiment in the manufacturing sector in January 2018 rose to 113 points. Economists had expected the index to remain unchanged from December.
All the attention of traders was focused on the first outrunning evaluation of the US economic growth.
According to the data of the Ministry of Commerce, the US economy continued its growth in the fourth quarter of 2017, but the pace slowed down compared to the third quarter. Thus, the US GDP in the 4th quarter grew by 2.6% per annum, while economists expected growth of 2.9%. In the third quarter, GDP growth was above 3% per annum.
Support for the US dollar was provided by recent data on the sharp increase in demand for durable goods. According to the report of the US Department of Commerce, orders for durable goods in December 2017 increased by 2.9% compared to the previous month and amounted to 249.45 billion US dollars. Economists had expected that the growth in December would be 0.7%.
The British pound brushed off the report on UK GDP growth rates in 2017, which sharply slowed. This suggests that Brexit, even under the most positive scenario, has a serious impact on all spheres of the economy.
According to the data, the GDP of the UK in the fourth quarter of 2017, compared with the third quarter, grew by only 0.5%. Economists had expected growth of 0.4%. Despite the good performance in the 4th quarter, for the whole of 2017 the economy of Great Britain grew by 1.8%, and this is the weakest result since 2012.
Inflation in Canada slowed in December, putting strong pressure on the Canadian dollar at the beginning of the US session.
According to the data, the consumer price index in Canada in December 2017 increased by 1.9% compared to the same period of the previous year after the growth of 2.1% in November. Economists had expected inflation to be 1.9%. Compared to the previous month, the index grew by 0.4% in December.