US dollar hurt by weak economic data
The US dollar has fallen amid fresh signs that the country’s economy slowed significantly in the first quarter ahead of Friday's jobs report.
On Thursday, the dollar weakened at the Tokyo Stock Exchange to 119.62 yen from 119.76 yen in New York trading. The euro rose to $1.0777 and 128.91 yen from $1.0760 and 128.86 yen.
"It seems that the market is still waiting for payrolls to make any new substantial moves," National Australia Bank said, adding that investors still think the US Federal Reserve "is on track for rate lift-off over the next few meetings".
On Wednesday, data showed US construction spending went down slightly in February, while factory activity slowed for the fifth straight month in March, hitting a two-year low.
Adding to the gloom, data showed US private employers added the smallest number of workers in more than a year in March.
Also on Wednesday, US stocks fell for the second consecutive day amid concerns about economic growth.
Wall Street stocks fell with the Dow Jones Industrial Average standing at 17,698.92, falling 77.20 points (0.43 percent) at the closing bell, AFP reported.
The S&P 500 dropped 8.09 (0.39 percent) to 2,059.80 and Nasdaq Composite Index fell 20.66 (0.42 percent) to 4,880.23.
"The data the last couple of weeks has been relatively underwhelming and the concern is the US economy isn't growing as fast as people were expecting," said Michael James, managing director of Wedbush Securities, a privately held financial services and investment firm.
The fall in US dollar happened ahead of Friday's report that will likely show the economy, once again, added hundreds of thousands of jobs last month, but, none of which is paying enough to sustain a middle-class family.
AHT/AT
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