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.
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.
Latest posts by investing.com (see all)
- Forex – Sterling Rebounds on "Diminished" Brexit Risk; Dollar Flat - January 16, 2019
- Theresa May Survives Vote of No Confidence; Pound Flat - January 16, 2019
- All clear or keep clear? Turkey's lira still vulnerable - January 16, 2019