الخميس , 23 نوفمبر 2017
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الرئيسية / سياسة / (English) Dollar slides after release of mostly negative economic data
(English) Dollar slides after release of mostly negative economic data

(English) Dollar slides after release of mostly negative economic data

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– The dollar dipped against a basket of major currencies on Friday, after personal spending and consumer sentiment data was weaker than expected.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, shed 0.27% to 100.18 by 13:05 EDT.

U.S. economic data dominated moves in the greenback, as investors mulled over a slowdown in personal spending and consumer sentiment while a positive Chicago PMI print failed to lift sentiment.

The University of Michigan said its consumer sentiment index slipped to 96.9 in March from an initial estimate of 97.6, which was well below economists’ forecast of an unchanged reading.

The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.1% against expectations of a 0.2% increase.

Meanwhile, the Chicago purchasing managers’ index rose to 57.7 in March from 57.4 in February. A reading above 50 indicates economic expansion, whereas a reading below 50 indicates contraction.

Analysts had expected a Chicago PMI reading of 56.9.

Elsewhere, the Euro gained against the dollar, despite a slowdown in Eurozone inflation in March. Eurostat reported that the consumer price index (CPI), rose 1.5% in March, compared to expectations of a 1.8% increase.

EUR/USD rose 0.17% to $1.0695 while EUR/GBP fell 0.41% to 0.8527.

GBP/USD gained 0.62% to $1.2544, after the U.K. Office for National Statistics earlier said its final reading of fourth quarter gross domestic product was an increase of 0.7%, in line with expectations.

USD/JPY slumped 0.56% to 111.31, while USD/CAD dipped 0.31% to $1.3302.

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