The US dollar was on course to record weekly losses against its major rivals on Friday, as US economic data weighed on market sentiment. This, together with the impact the continued strength of the euro, limited the upward movements of the dollar.<\/p>\n
The dollar index, which measures the strength of the dollar against a basket of major rivals, fell 0.25% to trade at 94.30 points, after reaching 94.55 points in the previous session.<\/p>\n
Economic data released in the US during the week did not offer traders much encouragement to return to the dollar. The preliminary reading of the PMI for June service exceeded expectations, while the manufacturing PMI data declined.<\/p>\n
The euro continued its gains against the dollar from an 11-month low on Thursday, supported by a survey of the composite eurozone purchasing managers index survey, which exceeded economists’ expectations. The single currency was slightly changed after US President Donald Trump threatened to impose a 20% tariff on all EU car imports. This came less than a day after the EU’s reprisal tariff came into effect on US imported goods late on Thursday. The euro was up 0.37%, at $1.1646 per euro.<\/p>\n
The USD \/ CAD rose 0.05% to trade at CAD1.3321 per USD, as Canadian inflation data remained weak, raising doubts about the possibility of a rate hike in July. However, losses in the Canadian dollar were limited by higher oil prices, after OPEC reached an agreement to raise crude oil output.<\/p>\n
In the same context, the GBP \/ USD pair rose at the end of the week, gaining 0.20% to reach $ 1.3268 per pound, as the Bank of England continued its bullish trend on Thursday in support of the pair.<\/p>\n
The USD \/ JPY fell 0.05% to 109.93 yen as demand for safe haven pushed the yen higher, amid continuing trade tensions.<\/p>\n","protected":false},"excerpt":{"rendered":"
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