The dollar declines after weak US data
2024-03-01 21:25PM UTC

The dollar declined against most major rivals on Friday following weak data and speculation about Fed policies. 


Recent data showed US personal spending rose 0.3% in January m/m, and 2.4% y/y, slowing down slightly from December.


Core spending rose 0.4% m/m in January, and 2.8% y/y, also slowing from December.


Such data showed that inflation is ever so slightly losing steam in accordance with Fed’s plans. 


 Earlier data today showed the US manufacturing PMI down to 47.8 from 49.1 in January, missing estimates of 49.5. 


A Reuters/Michigan University survey showed the consumer confidence survey down to 76.9 in February from 79.6. 


The Fedwatch tool showed the markets are putting a 57.1% chance of a Fed rate cut in June. 


On trading, the dollar index fell 0.2% to 103.9 as of 20:34 GMT, with a session-high at 104.2, and a low at 103.8. 




The Canadian dollar rose 0.1% against its US counterpart as of 21:20 GMT to 0.7375. 


Earlier Canadian data showed the manufacturing PMI at 49.7.




The Australian dollar rose 0.4% against its US counterpart to 0.6524 as of 21:20 GMT. 

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