Dollar slips lower compared with its rivals as sentiment recovers


Dollar slips lower vs. rivals as sentiment recovers

The dollar slipped lower against major currencies on Thursday as market sentiment recovered after concerns about global growth reduced demand for riskier assets earlier this week, but the dollar is st

It will within walking distance up to four months.

The EUR / USD rose 0.09% to trade at 1.1023, moving away from one-month low of 1.0979 on Wednesday.

Market sentiment improved means of increasing speculation by major central banks around the world will introduce stimulus measures in order to boost economic growth.

On Thursday, investors, especially in view of the policy statement of the European Central Bank, due at the end of the day.

The sentiment had weakened after the International Monetary Fund on Tuesday revised downward its forecast for global economic growth in 2016 to 3.1% from 3.2% previously, but expects a rebound to 3, 4% in 2017.

GBP / USD was little changed at 1.3203 after a weak report on retail sales UK adds to concerns about the prospects for British economic growth
The Office for National Statistics said UK retail sales fell 0.9% in June, compared with profit and expectations for a fall of 0.6% to 0.9% the previous month. Year after year, retail sales rose 4.3%.

Underlying retail sales, excluding automobiles, fell 0.9% last month, confounding expectations for a drop of 0.6%.

The weak data added to concerns about the strength of the British economy after the IMF on Tuesday cut its forecast for UK growth to 1.7% from the previous 1.9% this year and slash 2017 growth 1.3% from the April estimate of 2.2% due to the Brexit.

However, a separate report on Thursday showed that UK net borrowing of the public sector was reduced to £ 7.31 million in June from an upwardly revised total of £ 9.41 billion the previous month reading. Analysts had expected net public sector borrowing to hit £ 9.20 billion last month.

USD / JPY fell 1.20% to 105.59, away from a seven-week high of 107.48 hit overnight while USD / CHF down 0.09% to 0.9863.

The yen recovered slightly on Thursday but remained under pressure amid mounting expectations for further monetary easing by the Bank of Japan in its statement of monetary policy next week.

The Australian dollar was higher, with AUD / USD rose 0.44% to 0.7506 while NZD / USD fell 0.33% to 0.6998 after the Reserve Bank of New Zealand said that ” Further expansion is likely “, raising expectations of a rate cut at its next policy meeting.

Elsewhere, the USD / CAD down 0.11% to 1.3045.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, was down 0.26% to 96.91, still about four months of the previous session 97.37.