WASHINGTON (dpa-AFX) - After exhibiting strength early on in the session on Friday, the U.S. dollar retreated and pared gains against some of its major rivals, after data showed an unexpected drop in consumer sentiment.
The dollar, however, posted a strong weekly gain as data released by the Labor Department earlier in the week showed consumer prices in the U.S. rose at their fastest annual rate in over thirty years in October, raising speculation that the central bank might start hiking rates sooner than expected.
A report released by the University of Michigan today showed an unexpected deterioration in U.S. consumer sentiment in the month of November.
The preliminary report said the consumer sentiment index slid to 66.8 in November from a final reading of 71.7 in October. The decrease surprised economists, who had expected the index to inch up to 72.4.
With the unexpected drop, the consumer sentiment index fell to its lowest level since hitting 63.7 in November of 2011.
The dollar index, which dropped to 95.00 from a high of 95.27 it touched in the Asian session. The index is currently at 95.12, down 0.07% from the previous close.
Against the Euro, the dollar is up marginally at $1.1445.
The greenback is weaker by nearly 0.4% against Pound Sterling at $1.3419.
The dollar is trading at 113.92 yen, losing ground from 114.07.
Against the Aussie, the dollar weakened to 0.7335 from 0.7294.
The Loonie recovered after dropping to 1.2606 a dollar, and is currently at 1.2543 a dollar.
The dollar is trading at 0.9211 against Swiss franc, little changed from the previous close.
Copyright RTT News/dpa-AFX
© 2021 AFX News
