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US dollar weaker on data

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by Elaine Frei

The US dollar was weaker on Tuesday on weak new economic data that analysts believe will decrease the chance of interest rates being raised in September. Producer price inflation was up only 0.1 percent in July, less than had been expected, with core inflation actually down 0.3 percent. In addition, the Empire State manufacturing survey dropped from 15.6 in the previous survey to 10.3 in the latest data. These two reports outweighed a report showing that net inflows were at $75.1 billion in June, more than covering the June trade deficit of $64.8 billion.

At midday in New York, the greenback was 0.3 percent lower against sterling and the Canadian dollar, to $1.8947 and C$1.1226 respectively, while it had fallen 0.6 percent versus the euro to $1.2784 and had declined by the same percentage to ¥115.96 in relation to the Japanese yen. In addition, the US dollar dropped 0.7 percent to the Australian dollar to $0.7647.

The yen, meanwhile, fell to an all-time low against the euro at ¥148.61. Also in Asian currencies, the Chinese renminbi lost 0.28 percent to the US dollar to sit at Rmb8.0015. It was the renminbi’s biggest one-day decline since last year’s revaluation and very close to the 0.3 maximum movement permitted in a day.

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News posted: August 15, 2006

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