The dollar weakened on Friday as traders continued to assess this week’s troubling first quarter U.S. GDP report. With the world’s largest economy contracting by a whopping 2.8 percent in the first three months of the year, the Federal Reserve is widely seen keeping its easy monetary in place through most of 2015. That’s despite
The dollar was mixed Thursday, failing to rally despite hawkish comments from a top Federal Reserve official. Inflation looks likely to rise back to 2 percent later this year, allowing the Fed to hike interest rates by the end of the first quarter 2015, St. Louis Fed President James Bullard said in an interview on
The Chinese yuan advanced against the U.S. dollar in Asian deals on Monday, after data showed that China’s manufacturing activity expanded in June, reaching a 7-month high. Survey results released by HSBC and Markit economics showed that China flash manufacturing PMI improved to 50.8 in June from 49.4 in May. The index beat forecasts for
The dollar dropped to its lowest in five years against the sterling Thursday, stung by yesterday’s dovish outlook on interest rates by the Federal Reserve. The central bank tapered its asset purchase plan by another $10 billion dollars, as expected. However, most Fed members do not think the benchmark interest rate should rise from near
The pound advanced against its major counterparts ahead of European deals on Wednesday. The pound hit a 2-day high of 0.7980 against the euro and a new 3-month high of 173.53 against the yen, compared to yesterday’s closing values of 0.7983 and 173.20, respectively. The pound that ended yesterday’s deals at 1.5248 versus the franc
