The dollar slid against the yen on Friday after weak data on U.S.
consumer sentiment coming on the heels of other soft economic reports
saw investors reassess expectations for a mid-year rate hike by the
Federal Reserve.
The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.
USD/JPY was down 0.31% to 118.73 in late trade, off Wednesday’s five-week highs of 120.47.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday to end the week down 0.5%.
The euro edged lower, with EUR/USD dipping 0.10% to 1.1391, but the pair ended the week up 0.73%, its third consecutively weekly gain.
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The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.
USD/JPY was down 0.31% to 118.73 in late trade, off Wednesday’s five-week highs of 120.47.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday to end the week down 0.5%.
The euro edged lower, with EUR/USD dipping 0.10% to 1.1391, but the pair ended the week up 0.73%, its third consecutively weekly gain.
Read more Click here / www.trade4x.net
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