Dollar broadly higher after U.S. data, Greece in focus

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The U.S. dollar was broadly higher against the other major currencies on Wednesday, amid ongoing concerns over Greece and U.S. fiscal policy.

The euro remained supported by speculation that aid payments for Greece could be bundled into a single payment.

During U.S. morning trade, the dollar was lower against the euro, with EUR/USD up 0.26% to 1.2736.

The euro remained supported after German media reports Tuesday said that Greece could receive EUR44 billion of financial aid in one lump sum payment, citing German government sources.

Overall market sentiment remained subdued as investors waited to see if there would be headway in approving a delayed aid payment for Greece and in addressing the U.S. fiscal cliff.

The dollar showed little reaction after official data showed that retail sales fell by 0.3% in October, disappointing expectations for a 0.2% decline, while core retail sales, which exclude automobile sales, were flat last month.

A separate report showed that producer price inflation in the U.S. fell unexpectedly in October, while core prices also dipped.

The greenback pushed higher against the pound, with GBP/USD sliding 0.15% to 1.5849.

In its quarterly inflation report released earlier the Bank of England said that it will take until the third quarter of 2014 before inflation will fall below the bank’s 2% target, nine months longer than the bank forecast in August and added that growth looked likely to remain sluggish.

Earlier Wednesday, official data showed that the number of people in the U.K. claiming unemployment benefits rose by 10,100 in October, the largest increase since September 2011, but the unemployment rate ticked down to 7.8% from 7.9% in September.

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