US Dollar Ends Week Near Lowest in Two Years vs. Euro
The US dollar ended the week near the lowest level in two years against the euro. The greenback closed almost flat versus the Japanese yen and rose versus the Great Britain pound today.
The dollar was weakened by the negative consumer sentiment report from the University of Michigan. The index fell from 77.5 in September to 73.2 in October, according the revised reading. It was even lower than already poor preliminary estimate of 75.2.
The Federal Reserve will conduct its policy meeting next week. It does not look probable that the poor economic data and the recent government shutdown will allow the central bank to trim its stimulus measures. Such outlook is bearish for the US currency.
EUR/USD was up a little from the opening of 1.3799 to the closing price of 1.3806. GBP/USD dropped from 1.6199 to 1.6178. USD/JPY closed at 97.38 after falling from 97.26 to 96.93.
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Earlier News About the US Dollar:
- Delayed Taper Expectations Send Greenback Lower (2013-10-24)
- US Dollar Gains on Fears Over Chinese Money Market Rates (2013-10-23)
- Dollar Drops as Non-Farm Payrolls Disappoint (2013-10-22)
- Dollar Firm Ahead of NFP, Trims Gains vs. Euro on Housing (2013-10-21)
- End of US Budget Crisis Leads to Weekly Losses of Dollar (2013-10-19)