US dollar down after weak consumer sentiment data

Friday, 12. November 2021 16:28

The United States dollar decreased against several other major currencies on Friday after the University of Michigan reported that consumer confidence in the country dropped to levels unseen in 10 years.

"Escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation" were behind the drop, according to the report.

The euro advanced 0.06% against the dollar, going for 1.14530 at 10:24 am ET, while the American currency lost 0.23% compared to the Japanese yen, changing hands for 113.8155 at the same time. The British pound increased by 0.38% against the greenback, trading at 1.34142 at 10:25 am ET.

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Author:
Baha Breaking the News (BBN) / MS