Date: Monday 19 Jul 2010
Recovery doubts put pressure on the dollar on Friday after a weaker than expected consumer sentiment report and disappointing earnings.The greenback fell as much as 1% against the yen as investors mulled The University of Michigan’s preliminary index of consumer sentiment which fell to 66.5, the lowest level since August 2009.
The dollar index, which measures the greenback against a basket of currencies, fell to 82.504 from 82.555 late Thursday. The euro touched $1.30 before retreating to $1.2942.
The dollar remained lower after a report showed US consumer prices fell 0.1% in June, in line with analyst expectations.
Economic data and disappointing second-quarter results from Bank of America and General Electric cast a gloomy mood over Friday’s session and underlined fears about the US economic recovery.Sterling fell to $1.5302 from $1.5410 the previous session.
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