NEW YORK (Reuters) – The dollar fell against a basket of currencies, recording the second weekly decline in a row after data showed that US business activity remained stable in November while employment in the private sector declined.
With US markets engaged in a shorter trading session for Black Friday after the market closed yesterday for Thanksgiving, currencies are trading in a relatively narrow range.
At around 5.10pm, the dollar index, which measures the greenback against six reference currencies, fell 0.36% to 103.39, remaining close to the two-and-a-half-month low of 103.17 reached at the start of the week. Over the course of the week, the index fell 0.4%, after falling 1.9% last week.
The index is on track to record its weakest monthly performance in a year, amid growing expectations that the Federal Reserve has stopped raising interest rates and may begin lowering them next year.
Meanwhile, the yen remained almost unchanged against the dollar at 149.53, after strengthening following data showing slight growth in consumer prices in Japan in October.
The euro rose 0.3 percent to $1.0936 after data confirmed a preliminary estimate published in late October that the German economy contracted slightly in the third quarter compared to the previous three months.
The British pound rose 0.61% after data yesterday showed that British companies returned to growth in November, raising hopes that Britain will avoid a recession.
(Translated by Chiara Scarsilia, Edited by Antonella Cinelli)
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