US dollar rebounds amid economic data

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New York: The US dollar strengthened against its major rivals on Friday amid a slew of economic data.

In late New York trading, the euro fell to $1.1219 from $1.1266 in the previous session, and the British pound decreased to $1.2499 from $1.2538 in the previous session, Xinhua reported.

The Australian dollar decreased to $0.7043 from $0.7066.

The US dollar bought 107.77 Japanese yen, higher than 107.51 Japanese yen of the previous session. The US dollar decreased to 0.9825 Swiss franc from 0.9832 Swiss franc, and it increased to 1.3062 Canadian dollars from 1.3045 Canadian dollars.

The dollar index, which measures the greenback against six major peers, was up 0.36 per cent at 97.1493 in late trading.

US consumer sentiment index edged up to 98.4 in July from 98.2 in June, according to a preliminary reading from the University of Michigan. Economists surveyed by MarketWatch had forecast a reading of 99.

The data came as markets are pricing high on the U.S. Federal Reserve’s rate cut moves later this month.

Market expectations for a July rate cut were 100 per cent, according to CME Group’s FedWatch tool late Friday, with investors pricing in some 22.5 per cent chance of a more aggressive cut.

(IANS)