Investing.com – The dollar fell to a one-month low against the yen on Thursday and was lower against the other major currencies after unexpectedly weak U.S. economic reports clouded the outlook for first quarter growth.
USD/JPY was down 0.67% to 118.68, the weakest level since February 20.
The dollar resumed its downward slide after official figures on Wednesday showed that that durable goods orders fell 1.4% last month, compared to expectations for a gain of 0.4%.
Orders for core capital goods, a key barometer of private-sector business investment fell 1.4%, the sixth consecutively monthly decline.
Business spending has likely been hit by the stronger greenback, while lower energy prices have also acted as a drag.
Sentiment on the dollar was also hit after Chicago Fed President Charles Evans said the strong dollar was “disinflationary” and urged a delay in hiking rates until the first half of 2016.
The dollar has come under pressure since the Federal Reserve indicated last week that it may raise interest rates more gradually than markets had expected.
The euro remained supported after data on Wednesday showing German business confidence improved this month boosted the outlook for the euro area’s largest economy.
EUR/USD was up 0.21% to 1.0994, not far from the highs of 1.1041 struck on March 18.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid to one-and-a-half week lows of 96.68.