Tue, 14 Jul 2020

U.S. dollar edges down amid economic data

Xinhua
30 May 2020, 05:30 GMT+10

NEW YORK, May 29 (Xinhua) -- The U.S. dollar fell modestly in late trading on Friday as investors digested a slew of economic data.

The dollar index, which measures the greenback against six major peers, decreased 0.06 percent at 98.3271.

In late New York trading, the euro rose to 1.1102 U.S. dollars from 1.1089 dollars in the previous session, and the British pound decreased to 1.2327 dollars from 1.2340 U.S. dollars in the previous session. The Australian dollar increased to 0.6664 U.S. dollar from 0.6658 dollar.

The U.S. dollar bought 107.79 Japanese yen, higher than 107.64 Japanese yen of the previous session. The U.S. dollar decreased to 0.9617 Swiss franc from 0.9634 Swiss franc, and it rose to 1.3777 Canadian dollars from 1.3760 Canadian dollars.

The moves came after data showed U.S. consumer spending suffered another record decline in April amid the fallout from the COVID-19 pandemic.

U.S. consumer spending plunged 13.6 percent in April after a 6.9-percent drop in March, the U.S. Bureau of Economic Analysis said on Friday. Economists polled by Reuters had forecast consumer spending would plummet 12.6 percent in April.

Multiple data released lately showed the pandemic has severely crippled the world's largest economy.

U.S. initial jobless claims registered 2.123 million in the week ending May 23, the Department of Labor reported Thursday. Over the past 10 weeks, more than 40 million Americans have filed for unemployment insurance.

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