NEW YORK, May 12 (Xinhua) — The U.S. dollar firmed up in late buying and selling on Friday as lower-than-expected U.S. client sentiment knowledge led to rising demand for safe-haven property.
The dollar index, which measures the dollar towards six main friends, elevated 0.62 % to 102.6852 in late buying and selling.
In late New York buying and selling, the euro was right down to 1.0854 U.S. {dollars} from 1.0918 {dollars} within the earlier session, and the British pound fell to 1.2449 U.S. {dollars} from 1.2512 {dollars} within the earlier session.
The U.S. dollar purchased 135.6600 Japanese yen, increased than 134.5150 Japanese yen of the earlier session. The U.S. dollar was as much as 0.8979 Swiss franc from 0.8943 Swiss franc, and it elevated to 1.3561 Canadian {dollars} from 1.3489 Canadian {dollars}. The U.S. dollar elevated to 10.3882 Swedish Krona from 10.3322 Swedish Krona.
The University of Michigan’s Consumer Survey Center reported Friday that the preliminary client sentiment index was 57.7 for May, down from 63.5 for April. It’s the bottom studying since November 2022. Economists had anticipated a studying of 63.0.
“Consumer sentiment tumbled 9 percent amid renewed concerns about the trajectory of the economy, erasing over half of the gains achieved after the all-time historic low from last June,” stated the University of Michigan’s Consumer Survey Center.
“The consumer will likely pull back spending in the coming months and as spending slows, inflation should materially recede by the end of this year,” Jeffrey Roach, chief economist at LPL Financial, stated on Friday.