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Dollar Struggles For Direction
(RTTNews) - After staying weak in the Asian and European sessions, the U.S. dollar briefly climbed higher Friday morning, but retreated soon and kept moving lower as the day progressed, giving up recent gains against some of its major counterparts.
Recent upbeat U.S. economic data raised hopes that the Federal Reserve will hold interest rates higher for longer.
China's property developer Evergrande has reportedly filed for bankruptcy protection in a U.S. court, raising concerns about ripple effects.
A liquidity crisis at one of China's top asset managers Zhongzhi Enterprise Group has raised worries of a contagion risk to the financial sector.
The focus is now on next week's gathering of policymakers at Jackson Hole in Wyoming for clues on the outlook for interest rates.
The dollar index, which climbed to 103.68 in early New York session, was seen at 103.45 a little while ago, down 0.12% from the previous close.
Against the Euro, the dollar is little changed at 1.0871, and against Pound Sterling, it is up marginally at 1.2729.
The dollar is weak against the Japanese currency at 145.37 yen, easing from 145.84 yen.
The dollar is weak against Swiss franc, fetching CHF 0.8827, down by about 0.5% from the previous close. The dollar is up slightly against the Loonie, at C$1.3552, edging up from 1.3546.
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