WASHINGTON (dpa-AFX) - The U.S. dollar turned weak on Tuesday, coming off a near 5-month high, after some Federal Reserve officials indicated three rate cuts by the central bank this year.
The greenback found some support earlier in the day after data showed an increase in U.S. job openings in the month of February, and an increase in factory orders.
San Francisco Fed President Daly said that although there is no urgency to lower rates right now, three rate cuts this year is a 'reasonable baseline' forecast. Cleveland Fed President Mester also said three rate cuts this year is likely appropriate.
On the U.S. economic front, the Commerce Department released a report showing a significant rebound in factory orders in the month of February.
The Commerce Department said factory orders surged by 1.4% in February after plunging by a revised 3.8% in January.
Economists had expected factory orders to jump by 1% compared to the 3.6% slump originally reported for the previous month.
The dollar index, which surged to 105.10 in the Asian session, dropped to 104.68, before recovering a bit to 104.78, but was still down 0.23% from the previous close.
Against the Euro, the dollar weakened to 1.0769, and dropped to 1.2578 against Pound Sterling. The dollar was down marginally against the Japanese currency at 151.59 yen.
The dollar slipped against the Aussie, dropping to 0.6518 a unit of the Australian currency. The dollar gained against Swiss franc, firming to CHF 0.9091. The dollar edged down marginally against the loonie to C$ 1.3567.
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