Forex – Dollar turns lower vs. rival ahead of U.S. data -SapForex24

The dollar turned lower against other major currencies on Friday, as investors eyed the release of U.S. economic reports later in the day and as the minutes of the Federal Reserve’s latest policy meeting continued to weigh.

EUR/USD edged up 0.12% to 1.1222.

The greenback remained supported by Thursday’s better than expected U.S. initial jobless claims data.

The data came a day after the minutes of the Fed’s May meeting showed that the central bank plans to unwind its balance sheet towards the end of the year, possibly using a system where cap limits are implemented on how much the Fed would roll off every month without reinvesting.

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The Fed also signaled that interest rates could be raised soon, but added that “it would be prudent” to wait for more U.S. economic data.

Market participants were looking ahead to U.S. data on durable goods orders, first-quarter economic growth and consumer sentiment due later in the day.

GBP/USD dropped 0.49% to trade at 1.2879, the lowest since May 16, after a YouGov poll on Thursday showed that U.K. Prime Minister Theresa May’s Conservative Party’s lead ahead of the June 8 election was reduced to five points.

USD/JPY declined 0.70% to 111.05, while USD/CHF slipped 0.20% to trade at 0.9706.

The Australian dollar was weaker, with AUD/USD down 0.12% at 0.7445, while NZD/USD gained 0.43% to 0.7053.

Meanwhile, USD/CAD fell 0.20% to trade at 1.3457, re-approaching the previous session’s five-week low of 1.3385.

The commodity-related loonie remained under pressure as oil prices continued to decline on Friday, following OPEC’s decision to extend production cuts by nine months.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.12% at 97.02, not far from a recent six-month low of 96.70.

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