The USD fell against most major currencies in late New York trading Friday as players worried that the Congress may fail to reach agreements on raising debt ceiling and data showed US economic growth in Q-2 was slower than expected.
The vote on House Speaker John Boehner's spending cut plan was delayed again Thursday as Tepublicans railed to draw enough supports.
Investors worry that the 2 parties may not reach agreements on raising debt ceiling before the Tuesday deadline.
A report from the US Commerce Department Friday showed the economy in much weaker shape than anticipated, with gross domestic product expanding at a 1.3% in Q-2, below the 1.6% growth rate economics expected.
The USD was under pressure as the Dollar Index dropped 0.51 to 73.84 Friday.
In late Friday trading, the USD bought 77.10 Yen vs. 77.88 from late Thursday, and the Euro Rose to 1.4368 from 1.4311 USDs.
The GBP also rose to 1.6431 $'s from 1.6344. The USD fell from 0.8016 Swiss francs to 0.7884, but rose to 0.9554 Canadian Dollars from 0.9506.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.