NEW YORK: The dollar fell against other major currencies Thursday after a batch of slightly weaker US economic data put a damper on demand for the greenback.
The euro bought $1.3043 around 2100 GMT, up from $1.2938 at the same time Wednesday.
The dollar dropped against the Japanese currency, to 100.74 yen from 101.06 the prior day, while the euro rose to 131.39 yen from 130.75.
The dollar was under pressure after US data was "mildly soft in tone," said Nick Bennenbroek, head of currency strategy at Wells Fargo Securities.
First-quarter economic growth was revised slightly lower, to 2.4 percent, and pending home sales in April were well below expectations.
New claims for unemployment insurance benefits unexpectedly rose last week but remained in their recent range.
The euro, meanwhile, drew support from an encouraging eurozone indicator showing economic sentiment rose in May and as investors adjusted portfolios before the month ends.
"The single currency remains broadly supported by month-end positioning," said Omer Esiner of Commonwealth Foreign Exchange.
"Still, its medium-term outlook has not meaningfully improved, with the threat of additional ECB lending rate cuts likely to keep it vulnerable to renewed losses."
The dollar fell against the Swiss currency, to 0.9534 franc from 0.9618 late Wednesday.
It also weakened against the pound, which traded at $1.5229, up from $1.5127.
Comments
Comments are closed for this article.