RTTNews - The dollar was weaker across the board versus other majors Friday morning in New York ahead of key inflation data and a report on industrial production. Also, traders will get a feel for the mindset of the American consumer with the release of the University of Michigan Consumer Confidence Index.
Its been a choppy week for the dollar, which soared on Monday only to pull back sharply over the next few days. However, combined with yesterday's discouraging jobless claims and retail sales figures, another round of lackluster economic data could put wind back in the sails of the safe haven buck.
Friday morning, the dollar ticked slightly lower versus the euro, easing to 1.4305 as stock futures rose, fueling risk appetite. With the loss, the dollar stayed within hailing distance of last week's 2009 low of 1.4446.
The Eurostat said Eurozone's consumer price index or CPI dropped 0.7% year-over-year in July, revised from a 0.6% fall estimated initially. In June, the CPI was down 0.1%. This was the second consecutive month of decline in consumer prices. A year ago, inflation was 4%.
The buck firmed up in overnight dealing versus the sterling, but gave back its gains by mid-morning. The dollar was trading at 1.6585, having improved since hitting a 10-month low of 1.7012 earlier in August.
Friday, a report published by UK's Council of Mortgage Lenders showed that there were 11,400 cases of mortgage possession in the second quarter, down 10% from 12,700 in the first quarter of the year.
The dollar continued its week-long downtrend versus the yen, having given back all of its strong gains from early in August. The buck slipped to 94.80, and is in the middle of this summer's trading range.
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