By Min Zeng
Sept. 14 (Bloomberg) -- The dollar pared its loss versus the yen and was little changed after a report showed consumer confidence in the U.S. strengthened.
The Reuters/University of Michigan index of consumer confidence rose to 83.8 for September, from 83.4 last month. The median forecast of 66 economists surveyed by Bloomberg News was for a reading of 83.5
The dollar was little changed at $1.3881 per euro at 10:06 a.m. in New York, from $1.3885 yesterday, when the U.S. currency declined to an all-time low of $1.3927 per euro. The dollar bought 115.02 yen, from 115.08 yesterday.
US Dollar Recovers on Improving Sentiment, Can the Greenback Hold on to Gains?
The US dollar showed signs of life through end-of-week trade, as the greenback shrugged off mediocre Advance Retail Sales data to rally on improved consumer confidence figures. A subsequent jump in Treasury bond yields likewise improved the currency’s interest rate differential against major trading counterparts, leaving scope for a continued short term bounce.
The euro pulled back from yesterday’s record-highs, dropping $0.0030 to trade at $1.3854 on the
A busy morning of economic data was initially a mild disappointment for outlook on domestic growth, with the critical Advance Retail Sales report coming in below consensus forecasts through the month of August. The US Department of Commerce reported that spending growth excluding automobiles actually fell 0.4 percent through the period—far worse than median analyst estimates of a 0.2 percent improvement.
Domestic stock markets took their cue from the
A sharp gain in short term Government Treasury yields highlighted decreased market jitters, with the 2-year Note adding 6 basis points to 4.08 percent. Longer-dated bonds remained tame, however, with the 10-year Note adding a mere 2 basis points to 4.49 percent.