The U.S. dollar declined in trading late Friday, on the back of several economic data releases that investors have had to digest. The decrease also comes in the wake of widespread worry regarding a slowing down in activities within the U.S. manufacturing industry.
The dollar index used to gauge the greenback’s performance against other six major currencies, dropped by 0.31 percent to 97.5208 in the evening trading session.
Trading in New York on Friday evening saw the euro surge in value against the U.S. dollar to reach $1.1194, up from $1.1175 posted during the previous session. The British pound also gained against the dollar, rising from $1.3027 in the earlier trading session to reach a high of $1.3164 amid suggested Brexit backlash in local U.K. elections.
The Australian dollar (AUD) too was on the up, rising from 0.6997 against the dollar to $0.7014 in late trading.
For the Japanese yen, the U.S. dollar traded at 111.09, a slight drop from the previous trading value of 111.49. The USD fell against the Swiss franc, trading at 1.0174 Swiss francs compared to 1.0193 Swiss francs witnessed in the previous session. The same trend was observed against the Canadian dollar (CAD), with USD decreasing to $1.3427 from $1.3470 observed earlier.
According to the non-profit Institute for Supply Management, the U.S.’ non-manufacturing index dropped in April- a decline of 0.6 percentage points that saw it fall to 55.5 percent last month. In March, the index was at 56.1 percent.
It means that last month gave the lowest reading in over two years, going back to August 2017. A poll organized by MarketWatch showed that the index fell short by 2 percentage points after economists projected it would rise to 57.5 percent.
The greenback might have decreased following Friday’s report on the U.S. labor market. However, the country’s job growth surpassed expectations, with the unemployment rate falling to its lowest point in nearly half a century at 3.6 percent.
According to the Bureau of Labor Statistics, U.S. non-farm payrolls added over 263,000 in April, jumping from 189,000 in March.