logo
Plus   Neg
Share
Email

Dollar Extends Slide Against Other Major Currencies

The U.S. dollar was weak against most of its rivals on Friday, extending recent weakness, amid a drop in bond yields.

The Federal Reserve Chairman Jerome Powell commented recently that the central bank that the central bank would only begin winding down its asset purchases when it's made substantial progress towards its goals. He also signaled that tapering would happen "well before" the U.S. central bank starts considering raising interest rates.

According to a report released by the Commerce Department, U.S. housing starts skyrocketed by 19.4% to an annual rate of 1.739 million in March after plunging by 11.3% to a revised rate of 1.457 million in February.

Economists had expected housing starts to spike by 13.5% to a rate of 1.613 million from the 1.421 million originally reported for the previous month.

A report from the University of Michigan said the consumer sentiment index rose to 86.5 in April after soaring to 84.9 in March. Economists had expected the index to jump to 89.6.

The dollar index, which dropped to 91.49 around late morning, was last seen hovering around 91.55, down 0.16% from previous close.

Against the Euro, the dollar weakened to $1.1984, giving up 0.14%. Eurozone inflation accelerated to 1.3% in March from 0.9% in February. This was the third consecutive rise in prices and matched flash estimate released on March 31.

The Pound Sterling was stronger, fetching $1.3840 a unit, compared with $1.3782 on Thursday.

The Yen was slightly weaker at 108.81 a dollar, easing from 108.76.

Against the Aussie, the dollar was stronger by about 0.21% at 0.7736.

The Swiss franc, at 0.9200 a dollar, was marginally up, while the Loonie firmed up to 1.2508 a dollar from 1.2543.

For comments and feedback contact: editorial@rttnews.com

Forex News

Follow RTT