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Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar drifted lower against most of its major counterparts on Friday with traders assessing the likely policy stance of global central banks and the impact of higher borrowing costs on economic growth.
Traders also tracked news about the spread of Covid cases in China and the easing of restrictions, as well as reports about tensions between Russia and Ukraine.
In U.S. economic news, a report released by MNI Indicators showed a bigger than expected slowdown in the pace of contraction in Chicago-area business activity in the month of December.
MNI Indicators said its Chicago business barometer climbed to 44.9 in December from 37.2 in November, although a reading below 50 still indicates a contraction. Economists had expected the index to rise to 41.2.
The bigger than expected rebound came after the Chicago business barometer fell to its lowest reading since the 2008/09 global financial crisis, excluding the 2020 pandemic shock.
The dollar index fell to 103.39 before recovering to 103.50, still down more than 0.3% from the previous close.
Against the Euro, the dollar weakened to 1.0704 from 1.0664.
The dollar is down against Pound Sterling at 1.2093, easing from 1.2055.
Against the Japanese currency, the dollar weakened to 131.12 yen, nearly 1.5% down from the previous close of 133.03 yen.
The dollar dropped to 0.6815 against the Aussie, easing from 0.6776.
Against Swiss franc, the dollar settled at CHF 0.9251. The dollar settled at C$1.3554.
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