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Forex - Dollar Set for Weekly Loss Amid Weak U.S. Data, Sterling Surge

ForexMar 15, 2019 02:05PM ET
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Investing.com – The U.S. dollar fell against its rivals Friday and was set to post a weekly loss after anemic U.S data added to concerns of an economic slowdown.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.22% to 96.56.

The Empire State manufacturing index, a monthly look at manufacturing conditions across New York state, fell 5.1 points in March to a reading of 3.7, the New York Federal Reserve said Friday. That was the third consecutive monthly reading below 10 and the lowest level since May 2017.

Industrial production - a measure of output at factories, mines and utilities - slowed to 0.1% in February from the prior month, the Federal Reserve said Friday. This was below the 0.4% rise forecast by economists.

"After a strong run last year, U.S. factories are gearing down for a slower economy," BMO said in a note.

Losses in the greenback were exacerbated by a surge in the pound. The sterling rose as Prime Minister Theresa May went on a charm offensive to convince Brexiteers in her own party to back her withdrawal deal from the EU in a third vote slated for next week.

The Northern Irish Democratic Unionist Party, which props up May's government in parliament, reportedly said it was in talks with the government about whether to support the withdrawal deal.

May's Brexit deal suffered a second defeat in parliament earlier this week. The Irish backstop measure, which seeks to prevent a hard border between Northern Ireland and the Republic of Ireland, has proved a non-starter for many euroskeptics in the premier's party.

GBP/USD rose 0.36% and was set to post its best week since January.

EUR/USD gained 0.17% to $1.1322 as traders mulled in-line Eurozone inflation data.

USD/JPY fell 0.19% to Y111.49, while USD/CAD rose 0.03% to C$1.3336.

Forex - Dollar Set for Weekly Loss Amid Weak U.S. Data, Sterling Surge
 

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