Forex – Dollar Still on the Downside After Weak U.S. Data

Forex – Dollar Still on the Downside After Weak U.S. Data

© Reuters.  Dollar remains broadly lower, U.S. data supports© Reuters. Dollar remains broadly lower, U.S. data supports

Investing.com – The dollar was still on the downside against other major currencies on Friday, after the release of disappointing U.S. manufacturing activity data and amid fresh concerns over U.S. tax reform plans.

The New York Federal Reserve reported on Friday that its Empire State manufacturing index fell to in December from 19.4 the previous month, confounding expectations for a reading of 18.6.

The greenback had already come under pressure after two U.S. Republican senators on Thursday to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 93.54 by 08:35 a.m. ET (12:35 GMT).

The euro remained higher, with up 0.25% at 1.1807, while dropped 0.57% to 1.3355.

slipped 0.16% to 112.20, while held steady at 0.9890.

Earlier Thursday, data showed that Japanese business confidence in the three months to December.

Elsewhere, the Australian and New Zealand dollars remained stronger, with up 0.12% at 0.7676 and with climbing 0.59% to trade at 0.7025.

Meanwhile, fell 0.16% to 1.2769.

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