Dollar keeps falling on US recovery concerns

GMT 18:48 2014 Friday ,27 June

Arab Today, arab today Dollar keeps falling on US recovery concerns

Dollar keeps falling
New York - XINHUA

The U.S. dollar continued the downward trend against most major currencies Friday on worries over sluggish U.S. economic recovery.
The spot rate of the dollar index, which tracks the greenback against major currencies, slumped to a seven-weak low to trade around 80.03.
On the economic front, Thomson Reuters and the University of Michigan's final reading on the U.S. consumer confidence index for June registered 82.5, up from the preliminary reading of 81.2, also beating market consensus of 81.9. However, it still failed to provide enough support for the dollar.
Despite the consumer confidence data on Friday, recent U.S. data continuously painted a gloomy economic picture and the dollar has been weak as investors worried that U.S. economic recovery has faltered.
The U.S. economy contracted at an annual rate of 2.9 percent in the first quarter, the worst performance in five years, after a previously reported 1 percent drop, according to a report released by the Commerce Department Wednesday.
In late New York trading, the euro rose to 1.3645 dollars from 1.3607 dollars of the previous session, and the British pound decreased to 1.0721 dollars from 1.0724 dollars. The Australian dollar climbed to 0.9423 dollars from 0.9408 dollars.
The dollar bought 101.39 Japanese yen, lower than 101.68 yen of the previous session. The dollar went down to 0.8911 Swiss francs from 0.8939 Swiss francs, and it moved down to 1.0611 Canadian dollars from 1.0686 Canadian dollars.

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