Friday, 16 November 2018 | 02:42 WIB

US Dollar Weakens towards other Major Currencies on Thursday Morning

Illustration of US dollar

NEW YORK, NNC -The exchange rate of the US dollar weakened against other major currencies at the end of Wednesday's trading, Sept 12, or Thursday morning (local time), Sept 13, as investors reviewed the new Beige Book report released by the Federal Reserve.

According to the Beige Book released in the afternoon, reports from the entire Federal Reserve District stated that the United States economy was growing at a moderate pace until the end of August.

Businesses generally remain optimistic about short-term prospects, although most Districts noted concerns and uncertainties about trade tensions, the Beige Book said.

A number of Districts noted that these concerns had encouraged some businesses to reduce or delay their capital investments.

On the economic side, the Producer Price Index for final demand fell 0.1 percent in August, seasonally adjusted, in contrast to market consensus for a 0.2 percent increase, the US Labor Department reported Wednesday, Sept 9.

On an unadjusted basis, the final demand index rose 2.8 percent for the 12 months ended in August, the department said.

The US dollar index, which measures the greenback against six other major currencies, slumped 0.47 percent to 94.8035 in late trading.

In the late New York trade, the euro climbed to $1.1631 from $1.1585 in the previous session, and the British pound rose to $1.3055 from $1.3006. The Australian dollar rose to $0.7177 from $0.7100.

The US dollar bought 111.23 Japanese yen, lower than 111.58 Japanese yen in the previous session. The US dollar plummeted to 0.9700 Swiss francs from 0.9735 Swiss francs, and fell to 1.2987 Canadian dollars from 1.3129 Canadian dollars, citing Antara.