Investing.com – The U.S. dollar looks set to snap a three-week winning streak as downbeat consumer sentiment data did little to help the greenback offset losses against the euro and sterling.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.25% to 96.57.
The Michigan fell to a reading of 96.9, well below expectations for a reading of 98.1, following two-straight months that saw gains above expectations, according to economist forecasts compiled by Investing.com.
The data is unlikely to prompt the Federal Reserve to divert from its wait-and-see approach to monetary policy.
“These numbers won’t alter the FOMC’s view that a patient approach is warranted,” Action Economics said.
A rise in the pound and euro also stifled the dollar’s attempt at clawing back losses.
rose 0.20% to $1.3080 on reports of progress on talks between U.K. Prime Minister Theresa May and opposition leader Jeremy Corbyn. The pound was also given a second wind on expectations that holding a second referendum on Brexit may be put to a vote in parliament.
This comes just days the EU granted a delay to Brexit until October 31 to allow ample time for May to hash out a deal that lawmakers are willing to back.
climbed 0.43% to $1.1298 and rose 0.34% to $112.03, with the latter pair boosted by a fall in the yen as risk appetite returned on Wall Street following mostly upbeat earnings from major banks.
fell 0.41% C$1.3329 as rising oil prices propped up the loonie.
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 – Australian Dollar Steady After RBA Decision - June 4, 2019
- Yuan Watchers Say 7 Is No Longer a Sticking Point for China - June 4, 2019
- Fresh Losses Coming for Australian Dollar, Strategists Say - June 4, 2019