The US Dollar fell against the Pound heading for its second consecutive weekly loss and turned broadly lower against the majority of its other major peers after manufacturing and industrial data disappointed.
In a separate report Industrial production fell unexpectedly last month as mining and power station output fell. According to the Federal Reserve industrial output weakened by 0.1% last month marking the first decline recorded since July. Year on year output remained at 3.2%, below expectations for a rise to 4.29%.
Manufacturing output meanwhile increased after the sector was supported by an increased demand for computers, furniture and metals. The data increased speculation that the sector is on track to make further improvements as the US economy increases.
According to Federal Reserve of New York, the Empire State manufacturing activity index fell to -2.2 in November, down from the previous months reading of 1.5% and well below the 5 expected by economists. U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
The Dollar was weakened further after credit ratings agency Moody’s lowered its rating for four of the USA’s biggest banks after saying that the government is to be less likely to help repay creditors in time of crisis.
The Banks that saw their ratings cut include Goldman Sachs Group Inc, Morgan Stanley, JPMorgan Chase & Co and Bank of New York Mellon Corp.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6228
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7433
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0480
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6056
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3452
(Correct as of 15:15 pm GMT)
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