Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar drifted lower against its major counterparts on Friday amid speculation the Federal Reserve will start reducing interest rates by the middle of next year.
On the economic front, the S&P Global US Composite PMI held steady at 50.7 in November, unchanged from the previous month, according to a preliminary estimate.
The S&P Global US Manufacturing PMI dropped to 49.4 in November from a reading of 50.0 in October, preliminary estimates showed.
The Commerce Department's report on personal income and spending may be in the spotlight next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention next week along with remarks by Fed Chair Jerome Powell.
The dollar index dropped to 103.36, losing more than 0.5%.
The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.Against the Euro, the dollar weakened to 1.0498, and against Pound Sterling, it shed more than 0.5 to 1.2604.
The dollar was little changed against the Japanese currency, fetching 149.45 yen a unit. Against the Aussie, the dollar weakened to 0.6586. The Swiss franc gained against the greenback, firming to CHF 0.8827, and the Loonie strengthened to C$ 1.3635 against the dollar, after data showed Canadian retail sales increased 0.6% in September following a 0.1% drop in the previous month.
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