The dollar declined from the highest level on record after U.S. durable-goods orders decreased 3.4 percent in December.
The U.S. currency fell against most major counterparts as the drop in items meant to last at least three years followed a 2.1 percent slide the prior month, data from the Commerce Department showed in Washington. Federal Reserve policy makers meeting this week are forecast to hold interest rates steady as a winter storm slowed the U.S. northeast. The euro strengthened after a Swiss National Bank official said it remained ready to intervene in markets. The ruble rose from a record low.
“The dollar should perhaps give back a little ground on the basis of the durable goods data — they were unequivocally weak and well below expectations,” said Shaun Osborne, chief currency strategist at Toronto-Dominion Bank, Canada’s largest lender. “The issue is perhaps participation. The storm is keeping people at home and markets are fairly illiquid it seems.”
The Bloomberg Dollar Index, a gauge of the currency’s performance against 10 major peers, slid 0.5 percent to 1,156.24 at 8:58 a.m. New York time. It closed at a record 1,161.42 in New York on Jan. 26.
via Bloomberg
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