NEW YORK, April 5 — The US dollar dropped in late trading on Tuesday as the latest U.S. data stoked concerns over an economic slowdown, reported Xinhua.
The dollar index, which measures the greenback against six major peers, fell 0.5 per cent to 101.5858.
In late New York trading, the euro increased to US$1.0953 from US$1.0895 in the previous session, and the British pound was up to US$1.2497 from US$1.2409 in the previous session.
The US dollar bought 131.62 Japanese yen, lower than 132.37 Japanese yen of the previous session.
The US dollar was down to 0.9059 Swiss francs from 0.9131 Swiss francs, and it increased to 1.3458 Canadian dollars from 1.3418 Canadian dollars. The US dollar decreased to 10.2807 Swedish Kronor from 10.3703 Swedish Kronor.
The US Labour Department reported Tuesday that US job openings slipped to 9.9 million in February, the fewest since May 2021. The reading missed market expectations and signalled that the labour market may be starting to cool amid a slowing economy.
“The FX market is increasingly concerned about the US economy,” You-Na Park-Heger, analyst at Commerzbank Research, said in a note on Tuesday.
“If signs mount that the US economy is cooling significantly, the market might feel confirmed in its assumption that the US central bank might start cutting interest rates in the second half of the year,” which could weigh on the US currency, she said.
