Dollar Slips Against Most Rivals
The dollar dropped against the yen and most other major currencies as falling Treasury yields combined with weaker-than-expected U.S economic data. But the greenback edged up on the euro.</br></br>"Any time U.S. rates squeeze down, it puts downside pressure on the dollar," said Jacob Oubina, currency strategist at Forex.com in Bedminster, N.J.</br></br>Late Thursday in New York, the euro was at $1.4499 from $1.4511 late Wednesday. The dollar was at 91.10 yen from 91.45 yen, while the euro was at 132.09 yen from 132.70 yen. The U.K. pound was at $1.6324 from $1.6288. The dollar was at 1.0188 Swiss francs from 1.0184 francs late Wednesday.</br></br>The worse-than-expected U.S. economic data led investors to believe U.S. interest rates will remain low.</br></br>"It does look like the market . . . has pushed out even further the timing of when the Fed hikes rates," said Meg Browne, senior currency strategist at Brown Brothers Harriman in New York. "That's positive for foreign currencies because it means U.S. rates will remain low for a longer period."