Investing.com - The U.S. dollar was broadly higher against the
other major currencies on Friday, ahead of the release of U.S. data
later in the day, although Wednesday's comments by Federal Reserve
Chairman Ben Bernanke continued to weigh.
During European morning trade, the dollar was higher against the
euro, with EUR/USD sliding 0.35% to 1.3050.
Official data showed that industrial production in the euro zone
fell 0.3% in May, exceeding expectations for a 0.2% downtick, after
a 0.5% increase the previous month.
The euro was also hit after the European Central Bank's monthly
bulletin said Thursday that the extended period of time the bank
expects interest rates to remain at present or lower levels is
"flexible" and indicated that further rate cuts are possible.
The greenback was also lower against the pound, with GBP/USD
shedding 0.37% to 1.5128.
Elsewhere, the greenback was higher against the yen and the Swiss
franc, with USD/JPY easing up 0.08% to trade at 99.04, and with
USD/CHF adding 0.31% to 0.9499.
The greenback was steady to higher against its Canadian, Australian
and New Zealand counterparts, with USD/CAD inching up 0.01% to
1.0369, AUD/USD declining 0.52% to 0.9141 and NZD/USD slipping
0.11% to 0.7844.
In a report, the Australian Bureau of Statistics said home loans
increased by 1.8% in May, less than the expected 2.5% rise, after a
1.2% gain the previous month.
The dollar index, which tracks the performance of the greenback
versus a basket of six other major currencies, was up 0.30% to
Demand for the greenback remained under pressure after Bernanke on
Wednesday said the Fed will continue to maintain accommodative
monetary policy for the foreseeable future, citing low levels of
inflation and the high unemployment rate.
Bernanke said the bank will not raise interest rates until the U.S.
unemployment rate hits 6.5%.
The comments came after the minutes of the central bank's June
policy meeting showed that Fed policymakers remain divided over
when to begin tapering its USD85 billion-a-month asset purchase
Later in the day, the U.S. was to produce official data on producer
price inflation and preliminary data from the University of
Michigan on consumer sentiment.
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