The mighty dollar isn’t getting any help from U.S. consumers.
The currency erased
gains after consumer confidence unexpectedly fell by the most in more
than two years, reflecting Americans’ dim economic outlook. The
greenback extended a weekly decline after a duo of manufacturing
indicators missed expectations, scuppering an earlier rally.
The Bloomberg Dollar
Spot Index, which tracks the greenback versus 10 major trading partners,
was down 0.1 percent at 1,149.80 at 3:14 p.m. New York time, deepening
its decline to 1.2 percent in the past week. The index fell as low as
1,149.06 Friday, the lowest level since Jan. 21.
The greenback is
poised to fall for the fifth week as tepid U.S. indicators contrast with
those in Europe showing stronger growth and stabilizing inflation. The
selloff is the longest since Oct. 4, 2013, during a stalemate between
congressional Republicans and Democrats over raising the federal debt
ceiling.
The dollar fell 0.4 percent to $1.1455 against the euro. It climbed 0.1 percent to 119.33 yen.
Source: Bloomberg
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