US dollar weaker on data, equities

US dollar weaker on data, equities

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The US dollar weakened on Monday as global equities markets remained unsettled and as new data from the United States made it seem more likely that the Federal Reserve could cut interest rates before the year is out, although it is expected to hold rates steady at its meeting this week.

The dollar was 0.3 percent lower versus the euro to $1.3815 in midday trade in New York after going as low as $1.3839, near an all-time low, earlier in the session, while it also dropped 0.3 percent to ¥117.70 in relation to the yen and fell 0.5 percent to SFr1.1850 against the Swiss franc.

Both the franc and the yen were helped by market volatility as investors avoided carry trades and while the yen held steady at ¥162.60 in relation to the euro, it added 0.7 percent to ¥239.10 versus sterling.

The pound, in turn, was 0.4 percent lower to $2.0230 against the greenback and dropped 0.7 percent to £0.6801 in relation to the euro.