BUSINESS US dollar dips amid economic data

BUSINESS

US dollar dips amid economic data

Xinhua

07:05, October 28, 2020

NEW YORK, Oct. 27 (Xinhua) -- The U.S. dollar weakened in late trading on Tuesday as market participants digested some economic data.

The dollar index, which measures the greenback against six major peers, decreased 0.11 percent at 92.9426.

In late New York trading, the euro was down to 1.1810 U.S. dollars from 1.1812 dollars in the previous session, and the British pound increased to 1.3055 dollars from 1.3018 U.S. dollars in the previous session. The Australian dollar was up to 0.7132 U.S. dollar from 0.7125 dollar.

The U.S. dollar bought 104.48 Japanese yen, lower than 104.84 Japanese yen of the previous session. The U.S. dollar rose to 0.9076 Swiss franc from 0.9073 Swiss franc, and it fell to 1.3165 Canadian dollars from 1.3201 Canadian dollars.

On the data front, U.S. Consumer Confidence Index stood at 100.9 in October, down from 101.3 in September, New York-based The Conference Board reported on Tuesday.

"Consumers' assessment of current conditions improved while expectations declined, driven primarily by a softening in the short-term outlook for jobs," said Lynn Franco, senior director of Economic Indicators at The Conference Board.

"There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high," Franco added.

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