The dollar is turning in a mixed performance Friday afternoon, as investors prepare for a long holiday weekend. The buck is down against the Japanese Yen, but is gaining ground against the Euro and especially against the British pound. The pound has dropped in valued after a new poll indicated that Britain's opposition Labour Party has cut Theresa May's Conservative Party lead to five points, ahead of the June 8 election.
A report released by the Commerce Department on Friday showed that the U.S. economy grew by much more than initially estimated in the first three months of the year. The Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase.
Economists had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.
New orders for U.S. manufactured durable goods pulled back by less than expected in the month of April, according to a report released by the Commerce Department on Friday. The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March. Economists had expected orders to slump by 1.4 percent.
Consumer sentiment in the U.S. was virtually unchanged in May, according to revised data released by the University of Michigan on Friday. The University of Michigan said the consumer sentiment index for May was downwardly revised to 97.1 from a preliminary reading of 97.7. The May reading is slightly higher than the final April reading of 97.0.
Economists had expected a more modest downward revision to the consumer sentiment index to a reading of 97.5.
The dollar has climbed to around $1.1175 against the Euro Friday afternoon, from an early low of $1.1234.
Confidence among Germany's exporters was the highest in nearly three-and-a-half years in May as exports continue to rise, results of a study by Ifo showed Friday. The Ifo Export Expectations Index rose to 14.7 balance points in May from 13.8 balance points in April, marking the highest level since January 2014.
Italy's consumer confidence weakened in May to the lowest level in nearly two-and-a-half years, survey figures from the statistical office Istat showed Friday. The consumer confidence index fell to 105.4 in May from 107.4 in April. Economist had expected the index to drop marginally to 107.3.
An opinion poll showed that the lead of the Conservative party had narrowed considerably after the Manchester bomb attack.
The YouGov poll for the Times published on Thursday showed that the Tory lead over Labour had been cut to five points, with Tories at 43 percent and Labour at 38 percent.
The survey, carried out after the Manchester terror attack, showed a four point change since last week when the Conservatives lead over their rival was at nine points.
With just two weeks to go for polls, the survey cast uncertainty over the outcome of the election and brings in risk to Brexit talks.
The buck has surged to a 1-month high of $1.28 against the pound sterling Friday afternoon, from around $1.2925 this morning.
The greenback dropped to an early low of Y110.877 against the Japanese Yen Friday, but has since bounced back to around Y111.250.
Producer prices in Japan were up 0.7 percent on year in April, the Bank of Japan said on Friday. That was shy of expectations for an increase of 0.9 percent, and was down from 0.8 percent in March.
Overall consumer prices in Japan gained 0.4 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and up from 0.2 percent in March.
