Investing.com - The dollar pushed broadly lower against the other major currencies on Friday, as the release of downbeat U.S. data fueled concerns over the strength of the economy, dampened demand for the greenback.
USD/JPY dropped 0.63% to 108.74.
In a preliminary report, the University of Michigan said its consumer sentiment index fell to a seven-month low of 89.7 in April from 91.0 the previous month. Analysts had expecte the index to rise to 92.0 this month.
The report came after official data showed that U.S. industrial production decreased by 0.6% last month, worse than expectations for a decline of 0.1%. Manufacturing production declined by 0.3% last month, worse than forecasts for a 0.1% increase.
Separately, the Federal Reserve Bank of New York said that its general business conditions index improved to 9.65 this month from a reading of 0.62 in March. Analysts had expected the index to rise to 2.21 in April.
EUR/USD gained 0.36% to trade at 1.1305, off the previous session’s two-and-a-half week low of 1.1233.
Meanwhile, the dollar was lower against the pound, with GBP/USD up 0.20% at 1.4181 and turned lower against the Swiss franc, with USD/CHF down 0.10% at 0.9659.
The Australian and New Zealand dollars were higher, with AUD/USD up 0.09% at 0.7699 and with NZD/USD advancing 0.85% to 0.6904.
Elsewhere, USD/CAD rose 0.30% to 1.2883, pulling away from Wednesday’s nine-month low of 1.2743.
Statistics Canada reported on Friday that manufacturing sales dropped by 3.3% in February, compared to expectations for a 1.5% decline, after an increase of 2.3% the previous month.
Elsewhere, data showed that China’s gross domestic product rose by an annualized rate of 6.7% in the first quarter, in line with market expectations, following a growth rate of 6.8% in the three months to December.
Another report showed that Chinese industrial production increased by an annual rate of 6.8% in March, exceeding expectations for a 5.9% gain, after a 5.4% rise the previous month.
The positive data eased concerns over slowdown in the world’s second largest economy.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.32% at 94.63, moving away from a two-and-a-half week peak of 95.21 hit on Thursday.