Investing.com - The dollar turned broadly lower against the other major currencies on Friday, as weak manufacturing data out of the U.S.
dampened demand for the greenback, despite growing expectations for the Federal Reserve to maitain its stimulus program for the time being.
During European afternoon trade, the euro was higher against the dollar with EUR/USD up 0.20% at 1.3485.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
The data came after Fed Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
In the euro zone, official data showed that consumer price inflation remained unchanged in October at an annualized rate of 0.7%, in line with expectations.
Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, ticked down to 0.8% from a year earlier, from an upwardly revised rate of 1% in September, in line with market expectations.
The greenback edged lower against the pound, with GBP/USD up 0.10% at 1.6081.
The dollar was higher against the yen with USD/JPY adding 0.14% at 100.16, but lower against the Swiss franc with USD/CHF down 0.13% at 0.9152.
The yen remained under pressure after Japanese Finance Minister Taro Aso said on Thursday that it is important for Japan to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
The comments came after data showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.
The dollar was broadly lower against its cousins in Canada, Australia and New Zealand, with USD/CAD easing 0.07% at 1.0460, AUD/USD rising 0.27% at 0.9341 and NZD/USD climbing 0.51% at 0.8316.
Statistics Canada said manufacturing sales rose 0.6% in September, less than the expected 1% increase, after a 0.2% decline the previous month.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.09% at 80.95.
Later in the day, the U.S. was to release data on industrial production.
dampened demand for the greenback, despite growing expectations for the Federal Reserve to maitain its stimulus program for the time being.
During European afternoon trade, the euro was higher against the dollar with EUR/USD up 0.20% at 1.3485.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
The data came after Fed Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
In the euro zone, official data showed that consumer price inflation remained unchanged in October at an annualized rate of 0.7%, in line with expectations.
Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, ticked down to 0.8% from a year earlier, from an upwardly revised rate of 1% in September, in line with market expectations.
The greenback edged lower against the pound, with GBP/USD up 0.10% at 1.6081.
The dollar was higher against the yen with USD/JPY adding 0.14% at 100.16, but lower against the Swiss franc with USD/CHF down 0.13% at 0.9152.
The yen remained under pressure after Japanese Finance Minister Taro Aso said on Thursday that it is important for Japan to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
The comments came after data showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.
The dollar was broadly lower against its cousins in Canada, Australia and New Zealand, with USD/CAD easing 0.07% at 1.0460, AUD/USD rising 0.27% at 0.9341 and NZD/USD climbing 0.51% at 0.8316.
Statistics Canada said manufacturing sales rose 0.6% in September, less than the expected 1% increase, after a 0.2% decline the previous month.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.09% at 80.95.
Later in the day, the U.S. was to release data on industrial production.