Dollar drops to three-month low
16 May 2015, Nirapad News: The dollar fell to a three-month low against the euro on Friday, as disappointing data on US domestic factory activity and consumer sentiment spurred doubts about the recovery in the world’s largest economy.
Against a basket of six major currencies, the dollar fell for a fifth straight week, the longest stretch of declines in four years. The dollar index was last down 0.3 per cent at 93.204 DXY. In late trading, the euro rose 0.4 per cent to $1.1455 EUR=, after earlier hitting a three-month peak of $1.1466. It was about 9 per cent higher than a 12-year low of $1.0457 reached on March 16.
On the other hand, dollar bulls have been disappointed by a recent spate of US data. First-quarter growth has been lackluster and there has been little evidence of a rebound in the second quarter. Against the yen, the dollar was up 0.1 per cent at 119.31yen JPY=, shaving its weekly loss to 0.5 per cent. The sterling was down 0.2 per cent at $1.5738 GBP=D4, leaving it with a weekly gain of 1.8 per cent. The Aussie dollar AUD=D4 fell 0.5 per cent to US$0.8038 after hitting a near four-month high of US$0.8164 on Thursday.