Dollar drops, yet set for fifth straight weekly gain

The U.S. dollar slipped against major currencies on Friday, yet set for its fifth straight weekly advance.  

Reports released this week raised concerns about recovery as retail sales stalled in July and first-time applicants for jobless benefits rose more than forecasts last week.

Later in the day, the attention will be consumer confidence data due later in the day. Analysts predict an advance to 82.5 in August from 81.8 in July.

The green currency took advantage of the drop in the pound and euro, where the sterling sagged as the BOE slashed its growth and wage growth forecasts, while the euro was affected by dismal second quarter GDP data.

The dollar index, which tracks the green currency’s movements versus a basket of six major currencies, fell to 81.52 after visiting a low of 81.46.  

The EURUSD soared to trade around 1.3389, yet remains near 9-month low, where the week’s low was hit at 1.3334.

The GBPUSD is meanwhile trading around 1.6686 after setting a low of 1.6655 on Thursday.