Dollar Turns Weak Against Major Counterparts

RTTNews | 19 days ago
Dollar Turns Weak Against Major Counterparts

(RTTNews) - Despite rising prospects of the Federal Reserve holding interest rates higher for longer, the U.S. dollar turned in a weak performance on Friday with investors picking up stocks amid an improvement in risk sentiment.

The dollar stayed firm earlier in the week with hawkish comments from a slew of Federal Reserve officials, and the minutes from the central bank's latest monetary policy meeting indicating a possibility of Fed keeping rates higher for longer than earlier thought.

On the economic front, data from the Commerce Department showed that U.S. durable goods orders unexpectedly increased in the month of April, although the growth came following a significantly downwardly revised jump in March.

The report said durable goods orders climbed by 0.7% in April following a downwardly revised 0.8% advance in March. Economist had expected durable goods orders to decrease by 0.8% compared to the 2.6% surge originally reported for the previous month.

In economic releases today, a report from the Commerce Department showed durable goods orders climbed by 0.7% in April following a downwardly revised 0.8% advance in March. Economists had expected durable goods orders to decrease by 0.8% compared to the 2.6% surge originally reported for the previous month.

A separate report released by the University of Michigan showed consumer sentiment in the U.S. deteriorated slightly less than previously estimated in the month of May.

The report said the consumer sentiment index for May was upwardly revised to 69.1 from the preliminary reading of 67.4. Economists had expected the index to be unrevised. Despite the upward revision, the consumer sentiment index still fell sharply from 77.2 in April, slumping to its lowest level since hitting 61.3 last November.

Meanwhile, the report showed year-ahead inflation expectations increased by much less than previously estimated, inching up to 3.3% in May from 3.2% in April.

The University of Michigan had previously reported year-ahead inflation expectations jumped to 3.5%, although the downwardly revised figure still represents the highest level since hitting 4.5% last November.

The dollar index dropped to 104.64 before recovering slightly to 104.74, but still remained notably below the previous close of 105.11.

Against the Euro, the dollar weakened to 1.0848, and eased to 1.2736 against Pound Sterling. The dollar is flat against the Japanese currency at 156.94 yen.

The Aussie was stronger against the dollar, fetching US$0.6627 a unit. Against Swiss franc, the dollar declined marginally to CHF 0.9147. The dollar dropped against the Loonie to C$1.3664, down nearly 0.5% from the previous close.

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