Dollar Recovers After Falling To One-month Low
(RTTNews) - The U.S. dollar recovered after falling to a one-month low on Friday as traders assessed the latest policy moves by central banks, and reacted to a slew of economic data from across the globe.
In U.S. economic news today, a report from the University of Michigan showed a bigger than expected improvement in U.S. consumer sentiment in the month of June.
The report said the University of Michigan's consumer sentiment index climbed to 63.9 in June from 59.2 in May. Economists had expected in the index to inch up to 60.0.
The report also showed a significant decrease in year-ahead inflation expectations, which tumbled to 3.3% in June from 4.2% in May, hitting the lowest level since March 2021.
Five-year inflation expectations edged down to 3% in June from 3.1% in May, again staying within the narrow 2.9-3.1% range for 22 of the last 23 months.
The decrease in inflation expectations may add to recent investor optimism that the Federal Reserve won't follow through on its plan to continue raising interest rates.
The dollar index, which fell to 102.01, climbed to 102.43 after data showed a stronger than expected improvment in U.S. consumer sentiment in the month of June. The index is currently at 102.34, gaining about 0.22%.
Against the Euro, the dollar is up at 1.0938, and is weak against Pound Sterling at 1.2822.
Against the Japanese currency, the dollar is trading at 141.90 yen, firming from 140.27 yen. The dollar is little changed against the Aussie at 0.6877, and is firm against Swiss franc, fetching CHF 0.8941 a unit. Against the Loonie, the dollar has weakened to C$1.3201.
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