Dollar Falls against Most Currencies on Drop in U.S. Durable-Goods Orders
NEW YORK -- A sharp and unexpected drop in U.S. durable-goods orders knocked the dollar lower against every currency but the yen.</br></br>U.S. orders for big-ticket items fell 1.6% in June, compared with the 0.5% rise many economists expected. May's durable-goods orders were revised to show a 2% gain instead of the 3.4% originally reported.</br></br>The news hit the market hard, with traders unleashing a flood of sell orders that pushed the dollar to intraday lows at 1.7300 marks and 136.60 yen.</br></br>The yen suffered its own losses as the Japanese central bank allowed domestic short-term interest rates to slide.</br></br>In late New York trading, the dollar was quoted at 1.7385 marks, down 1.1% from 1.7575 marks late Tuesday. The U.S. unit was also changing hands at 137.55 yen, up from 137.24 yen. Sterling was trading at $1.6920, up from $1.6812.