Dollar Weakens Against Major Counterparts On Weak Data, Rate Cut Bets
(RTTNews) - The U.S. dollar turned weak against its major counterparts on Tuesday on bets the Fed will lower interest rates further in the coming months, and on data showing a notable deterioration in the nation's consumer confidence in the month of September.
The Conference Board said it consumer confidence index tumbled to 98.7 in September from an upwardly revised 105.6 in August. Economists had expected the index to edge down to 103.0 from the 103.3 originally reported for the previous month.
The Federal Reserve Bank of Richmond said the composite manufacturing index in the US Fifth District edged down to -21 in September of 2024, from -19 in August, worse than forecasts of -17, indicating the steepest decline in factory activity since May 2020.
The dollar index dropped to 100.35, losing about 0.5%.
Against the Euro, the dollar weakened to 1.1180 from 1.1113, and eased to 1.3415 against Pound Sterling from 1.3348.
The dollar dropped to 143.21 yen, down nearly 0.3%. Against the Aussie, the dollar weakened to 0.6892 from 0.6839.
The Swiss franc firmed to 0.8433 a U.S. dollar, while the Loonie strengthened to 1.3433 a unit of the U.S. currency.
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