US dollar snaps six-day winning streak

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New York, May 12 (IANS) The US dollar slipped against other major currencies on Wednesday after rising for six consecutive sessions.

With no major data coming out of the country, investors booked profits from gains of previous sessions. The dollar index, which measures the greenback against six major peers, was down 0.53 percent at 93.788 in late trading, Xinhua reported.

On Tuesday, the dollar index saw a six-day winning streak as services data and jobs report from the country came out overall positive.

The greenback was also supported by recent upbeat remarks from several Federal Reserve officials about the US economy.

Chicago Fed President Charles Evans said on Monday that US economy’s fundamentals are solid and the growth should pick up to around 2.5 percent for the rest of this year, adding that the unemployment will likely fall to 4.75 percent.

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In late New York trading, the euro rose to $1.1429 from $1.1367 of the previous session, and the British pound climbed to $1.4461 from $1.4429. The Australian dollar went up to $0.7384 from $0.7353.

The dollar bought 108.46 Japanese yen, lower than 109.33 yen of the previous session. The dollar decreased to 0.9708 Swiss francs from 0.9760 Swiss francs, and it inched down to 1.2839 Canadian dollars from 1.2931 Canadian dollars.



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