Dollar Turns Weak After Recent Gains
2024-10-16
1414
(fxcue news) - The U.S. dollar turned a bit weak on Friday, snapping a five-day winning streak, with global stocks moving higher on increased risk appetite after the Chinese government announced a couple of funding schemes.
With hopes of aggressive interest rate cuts by the Federal Reserve fading a bit after recent upbeat U.S. economic data, the dollar had gained some significant ground in recent sessions.
On the U.S. economic front, data from the Commerce Department said housing starts fell by 0.5% to an annual rate of 1.354 million in September after spiking by 7.8% to a revised rate of 1.361 million in August. Economists had expected housing starts to dip by 0.4% to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The report also showed a sharp pullback by building permits, which tumbled by 2.9% to an annual rate of 1.428 million in September after surging by 4.6% to a revised rate of 1.470 million in August.
Building permits, an indicator of future housing demand, were expected to slump by 1% to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.
The dollar index dropped to 103.46, down by about 0.35% from the previous close.
Against the Euro, the dollar weakened to 1.0869 from 1.0832, and against Pound Sterling was down at 1.3048.
The dollar dropped against the Japanese currency, fetching 149.52 yen a unit, compared with 150.21 yen Thursday evening. Against the Aussie, the dollar weakened to 0.6705.
The Swiss franc gained marginally against the greenback at CHF 0.7650, while the Loonie was down at 1.3805 a unit of U.S. dollar.
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