During New York mid-day trading on Friday, the US currency extended its previous session downward trading against major currencies. The greenback dropped to a multi-day low versus the Canadian dollar, new multi-week lows against the Swiss franc and the British pound.
On the economic front on Friday, the U.S. Commerce Department released its report on first quarter gross domestic product. This report said that GDP increased at an annual rate of 2.7 percent in the first quarter compared to the 3.0 percent growth that was reported last month. The downward revision surprised economists, who had expected the pace of growth to be unrevised.
Today morning, Reuters and the University of Michigan released their final report on consumer sentiment in the month of June, showing an unexpected upward revision to their consumer sentiment index.
The report showed that the consumer sentiment index was upwardly revised to a reading of 76.0 from the previously reported reading of 75.5. Economists had been expecting the index to be unrevised.
With the unexpected upward revision, the consumer sentiment index is well above the May reading of 73.6 and at its highest level since January of 2008.
Extending early morning session downtrend, the greenback declined further against the Swiss franc in New York mid-day deals today. At present, the greenback is trading near a fresh multi-week low of 1.0935 versus the franc, compared to yesterday’s close of 1.1030.
After edging up in early morning session, the dollar reversed its direction against the British pound in today’s mid-day deals. As of now, the franc is worth a new multi-week low of 1.5020 versus the pound from early high of 1.4859. At yesterday’s close, the pair was quoted at 1.4939.
The dollar that hit a 2-day high of 1.2255 against the euro at around 6:00 am ET, edged down in New York mid-morning trading. Presently, the pair is worth 1.2351. The pair was worth 1.2334 at yesterday’s close.
Against its Japanese counterpart, the greenback plunged ticked down and fell to a 5-week low of 89.23 at around 11:00 am ET today. At present, the greenback-yen pair is worth 89.34, which may be compared to yesterday’s close of 89.62.
The US currency also traded lower against other major opponents in today’s New York deals. Currently, the greenback is trading near a new multi-day low of 1.0349 against the loonie, 0.8706 versus the Aussie and 0.7116 against the kiwi.