US dollar declines amid trade tensions

US dollar declines amid trade tensions
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New York: The US dollar index decreased against most other major currencies as investors were concerned about intensifying trade tensions between the US and its major trade partners.

In late New York trading on Monday, the euro increased to $1.1703 from $1.1662 in the previous session, and the British pound rose to $1.3282 from $1.3261 in the previous session, Xinhua news agency reported.

The Australian dollar fell to $0.7404 from $0.7440.

The US dollar bought 109.45 Japanese yen, lower than 109.98 Japanese yen of the previous session. The US dollar dipped to 0.9857 Swiss franc from 0.9897 Swiss franc, and it climbed to 1.3307 Canadian dollars from 1.3268 Canadian dollars.

Investors grew increasingly concerned that the global economy could take a hit from the tensions between the world’s largest economy and its key partners, experts said.

On the economic front, the Chicago Fed National Activity Index (CFNAI) was negative 0.15 in May, down from positive 0.42 in April, indicating slower economic growth in May, according to the Federal Reserve Bank of Chicago Monday.

Meanwhile, US sales of new single-family houses in May 2018 were at a seasonally adjusted annual rate of 689,000, beating market estimates, said the Commerce Department.

This is 6.7 per cent above the revised April rate of 646,000 and is 14.1 per cent above the May 2017 estimate.

The dollar index, which measures the greenback against six major peers, was down 0.27 percent at 94.265 in late trading.

IANS