Posted by arslan | Posted on 7:12 AM | Posted in
The dollar mostly lost ground Friday, with strategists attributing the modest weakness to market participants taking profits on the greenback's recent bounce.
Technical considerations appeared to be the biggest factor in Friday's currency dealings, even with data reported from opposite sides of the Atlantic showing the European economy returning to growth as well as a wider-than-predicted U.S. trade deficit for September, analysts said.
The dollar index (DXY), a measure of the U.S. unit against a trade-weighted basket of rival currencies, fell to 75.551 compared to 75.648 in late New York trading on Thursday.
The greenback briefly extended losses after data showed that the U.S. trade imbalance widened more than forecast, to USD36.5 billion in September, and that import prices rose 0.7% last month.
Meanwhile, the euro retreated against the Japanese yen and the British pound as euro-zone data showed the 16-nation region that shares the single currency returned to growth in the third quarter, but at a slower pace than expected.
The euro fetched USD1.4843, giving up an earlier gain to stand virtually unchanged from USD1.4841 late Thursday. The single currency fell by 0.8% and 0.4% against the yen and the pound, respectively.
The dollar bought 89.74 yen, down from 90.35 yen on Thursday.
Technical considerations appeared to be the biggest factor in Friday's currency dealings, even with data reported from opposite sides of the Atlantic showing the European economy returning to growth as well as a wider-than-predicted U.S. trade deficit for September, analysts said.
The dollar index (DXY), a measure of the U.S. unit against a trade-weighted basket of rival currencies, fell to 75.551 compared to 75.648 in late New York trading on Thursday.
The greenback briefly extended losses after data showed that the U.S. trade imbalance widened more than forecast, to USD36.5 billion in September, and that import prices rose 0.7% last month.
Meanwhile, the euro retreated against the Japanese yen and the British pound as euro-zone data showed the 16-nation region that shares the single currency returned to growth in the third quarter, but at a slower pace than expected.
The euro fetched USD1.4843, giving up an earlier gain to stand virtually unchanged from USD1.4841 late Thursday. The single currency fell by 0.8% and 0.4% against the yen and the pound, respectively.
The dollar bought 89.74 yen, down from 90.35 yen on Thursday.
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