RTTNews - The dollar snapped back versus the euro on Friday with the bulk of the activity coming in the afternoon for a second day in a row. Traders looked to establish positions in the safe haven dollar, fearing a pullback for stocks after a strong summer.
The markets on Wall Street were poised to finish the week on a slightly downbeat note following the release of some key economic data.
Reuters and the University of Michigan released their final report on US consumer sentiment in the month of August on Friday, showing that their consumer sentiment index was upwardly revised by much more than economists had been expecting.
The report showed that the consumer sentiment index came in at 65.7 in August compared.
Also, while the Commerce Department released a report on Friday showing that personal income was nearly unchanged in July, the report also showed a modest increase in personal spending that came in line with economist estimates.
The report showed that personal income edged up by less than 0.1 percent in July following a revised decrease of 1.1 percent in June.
The dollar bounced back to 1.4300 versus the euro, picking up more than a penny from yesterday's low. With the advance, the dollar stayed away from an 8-month low 1.4446 reached in early August.
Eurozone economic sentiment rose for the fifth consecutive month in August after reaching the trough in March, the latest survey by the European Commission revealed Friday.
The dollar was steady versus the yen, holding near 93.50 ahead of this weekends big elections in Japan.
The dollar pared its losses from the last session versus the sterling, firming to 1.6274, having picked up about 2 cents on the week.
Against the petro-linked loonie, the dollar rose to C$1.0930 even as the price of oil moved higher above $73.
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