Forex – Dollar On-Track to Snap 4-Week Winning Streak as EUR/USD Gains

© Reuters. – 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.