USD weaker versus euro, yen

USD weaker versus euro, yen

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The US dollar declined in relation to the euro and the yen on Friday but was still headed for its second month in a row of advances versus both currencies on general sentiment that US economic conditions will get better from here on out.

In mid-afternoon trade in New York, the dollar traded at $1.5561 to the euro while it took $105.4050 to buy a dollar.

Meanwhile, the euro managed a gain versus the yen, with a euro worth ¥164.0205.

The Canadian dollar also declined in relation to its US counterpart after the Canadian government reported that the nation’s economy contracted in the first quarter, creating speculation that the Bank of Canada will cut interest rates in June, possibly by as much as half a percentage point.

At just past 2:30 pm in New York it took 99.42 cents Canadian to buy a US dollar.

The pound was weaker versus the euro and the US dollar on consumer confidence in the UK that was at its lowest since 1990 on worries that the economy there will fall into a recession.

The UK currency traded at 78.56p to the euro while it took $1.9807 to buy a pound.