Investing.com – The dollar fell against its rivals on Friday as traders appeared to take profit on its recent rally, while gains in the euro limited upside momentum.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.26% to 92.33.
Upbeat economic data did little to support sentiment on the dollar, which remained on track to post its first weekly slump in four weeks despite hitting a year-to-date high of 93.26 on Wednesday.
Michigan’s preliminary rose to a reading of 89.5 for May, while is rose to a reading of 98.8, beating economists’ forecasts.
Some analysts warned earlier this week the run-up in the dollar would come under pressure as there was limited room for further update.
ING said it remained convinced that by the end of the year – and into 2019 – “structural forces” would drive the dollar to levels weaker than where it currently trades.
The divergence between US growth and interest rates compared to the rest of the world – one of the reasons for the recent dollar rally – was nearing its peak, the bank warned.
rose 0.18% to $1.3544 as it continued pare some of its losses, which had followed the Bank of England’s dovish remarks on Thursday.
added 0.30% to $1.1952, while 0.12% to Y109.26.
fell 0.10% as weaker and falling oil prices, supported the pair.
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