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US dollar declines against other major currencies

US dollar declines against other major currencies

New York: The US dollar declined against other major currencies as investors feared the dollar might face headwinds next year.

In late New York trading on Friday, the euro was up to $1.2010 from $1.1953 dollars in the previous session, and the British pound rose to $1.3519 from $1.3443 in the previous session, Xinhua news agency reported.

The Australian dollar increased to $0.7813 from $0.7793.

The US dollar bought 112.62 Japanese yen, lower than 112.87 Japanese yen of the previous session. The US dollar decreased to 0.9744 Swiss franc from 0.9781 Swiss franc, and it lost to 1.2539 Canadian dollars from 1.2582 Canadian dollars.

With no major economic data due out on Friday, analysts said doubts over durability of a pickup in the country’s economic growth weighed on the dollar.

Meanwhile, traders still digested the news that US President Donald Trump earlier this month signed a $1.5-trillion-tax cut bill into law.

The tax bill, a sweeping rewrite of US tax law since 1986, would cut the corporate income tax rate to 21 per cent from the current 35 per cent and lower individual income rates.

Trading has been lighter than usual this week as investors get ready for the New Year holiday. Financial markets will close on Monday for New Year’s Day holiday.

The dollar index, which measures the greenback against six major peers, was down 0.44 per cent at 92.195 in late trading.

IANS