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Dollar hits six-week low, weighed down by soft data

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February 17, 2014

The dollar slipped to its lowest level since the turn of the year against a basket of major currencies on Monday as soft U.S. economic data stood in contrast to better figures out of the euro zone and China.

The dollar index .DXY fell as low as 80.065, its lowest since January 1, and was last down marginally at 80.134. The euro touched a three-week high of $1.37245 and was last up 0.1 percent at $1.3700.

The greenback has been weighed down by recent soft economic data. On Friday, figures showed U.S. manufacturing output unexpectedly fell in January, prompting some commentators to question whether the Federal Reserve may slow the pace at which it cuts back its massive bond-buying stimulus.

Against the yen the dollar fell to its lowest since February 6 but later recovered to trade up 0.1 percent at 101.89 yen after weaker-than-expected Japanese gross domestic product data.

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This article was posted: Monday, February 17, 2014 at 11:23 am

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