Dollar Subdued Against Major Counterparts On Growth Concerns
(RTTNews) - The U.S. dollar remained subdued on Friday amid concerns the trade war could adversely impact the U.S. economy. Data showing a sharp drop in U.S. consumer sentiment weighed as well.
Meanwhile, the U.S. is likely to avoid a government shutdown after Senate Minority Leader Chuck Schumer, D-NY, said he would vote to advance a Republican spending bill funding the government through September.
While Democrats oppose the bill, Schumer argued allowing President Donald Trump to "take even much more power via a government shutdown is a far worse option."
The University of Michigan released a report showing a much steeper than expected drop by its reading on U.S. consumer sentiment in the month of March.
The report said the U.S. consumer sentiment index plunged to 57.9 in March after tumbling to 64.7 in February. Economists had expected the index to dip to 63.1. The March reading was the lowest since the index hit 56.7 in November 2022.
The dollar index dropped to 103.57, but recovered to 103.74 later on in the session, trimming its loss to less than 0.1%.
Against the Euro, the dollar weakened to 1.0879, and against Pound Sterling, it gained marginally to 1.2935.
The dollar climbed against the Japanese currency, fetching 148.64 yen a unit. The dollar slipped against the Aussie and settled at 0.6324.
Against Swiss franc, the dollar advanced to CHF 0.8849. The dollar weakened against the Loonie, dropping to C$ 1.4370.
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