RTTNews - The dollar saw modest weakness against other majors on Friday in New York as China again asked the for a new reserve currency. The greenback drifted toward multi-week lows against some major rivals.
In general, the greenback has been in a trading range against its European rivals for a good part of June. The buck did receive some support from some encouraging economic data.
A report from the Commerce Department showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April, although the growth was due in large part to increased government social benefit payments.
The report also showed that that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
A Reuters/University of Michigan survey showed that the consumer sentiment index was revised up to 70.8 in June from the preliminary reading of 69.0, coming in well above the May reading of 68.7. Economists had been expecting the index to be unrevised at 69.0.
The dollar edged lower against the euro, hitting 1.4108 in the late morning. If the greenback falls below 1.4137 it will reach a two-week low.
Germany's Federal Statistical Office said in a preliminary report that the consumer price index or CPI rose 0.1% year-over-year in June, compared with a flat reading in May. Economists were looking for a decline of 0.1%.
The greenback also moved lower within a trading range against the pound, touching 1.6540. The pair has been stuck in a range for 2 1/2 weeks.
The dollar headed lower against the Japanese yen, reaching 95.033. A drop below 94.866 would take the buck to its lowest level in more than three weeks.
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