Forex News: U.S. Dollar Drops After PCE Inflation Data

U.S. Dollar Drops After PCE Inflation Data

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Friday, following the release of PCE inflation data.

The PCE index rose 0.3 percent on the month, matching forecasts.

On an annual basis, the PCE index edged up to 2.7 percent from 2.6 percent in July.

Separate data showed that the University of Michigan's consumer sentiment index fell to 55.1 in September from 55.4 in August. Economists had expected a reading of 55.5.

The greenback dropped to 1.1707 against the euro, 1.3413 against the pound and 0.7973 against the franc. The currency is seen finding support around 1.20 against the euro, 1.40 against the pound and 0.76 against the franc.

The greenback edged down to 149.40 against the yen and 1.3931 against the loonie, from an early nearly 2-month high of 149.95 and more than a 4-month high of 1.3958, respectively. The next possible support for the currency is seen around 142.00 against the yen and 1.36 against the loonie.

The greenback weakened to 0.5776 against the kiwi and 0.6551 against the aussie, from an early 5-1/2-month high of 0.5754 and a 3-week high of 0.6520, respectively. The currency may find support around 0.61 against the kiwi and 0.68 against the aussie.

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