Investing.com - The U.S. dollar traded lower against most of its
major rivals during Friday's Asian session even after U.S. stocks
endured their worst day since 2011 on concerns the Federal Reserve
will begin tapering its monetary easing program later this year.
In Asian trading Friday, EUR/USD nudged down 0.02% to 1.3219 after
Germany's manufacturing purchasing managers' index fell to 48.7 in
June compared to expectations for a reading of 49.8 and down from a
final reading of 49.4 in May. Activity in Germany's services sector
rose to a four-month high, with the services PMI improving to 51.3
from 49.7 in May.
The euro zone manufacturing PMI rose to 48.7 in June from a final
reading of 48.3 in May, but remained well below the 50 level that
separates contraction from expansion. The bloc's services PMI rose
to a 15-month high of 48.6 from 47.2 in May, above expectations for
an increase to 47.5.
USD/JPY inched down 0.07% to 97.21 ahead of a speech today by Bank
of Japan Governor Haruhiko Kuroda. The greenback was flirting with
a 3% weekly gain against the yen before the start of Asian trading
GBP/USD fell 0.07% to 1.5498 while USD/CHF inched down 0.05% to
0.9271. USD/CAD inched down 0.02% to 1.0384 as the loonie was
steady despite falling oil prices.
In U.S. economic news out Thursday, the National Association of
Realtors said existing home sales rose 4.2% in May to an annual
rate of 5.18 million units, the best level since November 2009.
Analysts expected a reading of 5 million units.
The Labor Department said initial claims for jobless benefits rose
18,000 last week to 354,000. Analysts expected a smaller increase
to 340,000. The less-volatile four week average rose just 2,500 to
The Federal Reserve Bank of Philadelphia's general economic rose to
12.5 from -5.2 last month. The reading is the best since April
2011. Readings above zero indicate expansion.
Despite what appears to be a significant lack of risk appetite,
AUD/USD rose 0.15% to 0.9212 while NZD/USD added 0.24% to 0.7778.
The U.S. Dollar Index was flat at 81.98.
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