The US dollar slipped against a basket of currencies on Friday as data showing that the US economy rang up its strongest quarter in nearly four years failed to erase worries that trade frictions would be a drag in the second half of this year.
The euro stabilized following its biggest one-day loss in a month in reaction to the European Central Bank (ECB) on Thursday reaffirming its plan to slowly end its accommodative monetary policy.
The greenback’s earlier gains faded after the US government reported that GDP grew at a 4.1 percent annualized pace in the second quarter, accelerating from a revised 2.2 percent clip in the first three months of the year.
The US dollar index, which tracks the US dollar versus the euro, yen, sterling and three other currencies, on Friday fell 0.09 percent to 94.662, paring its weekly gain to 0.2 percent.
The euro rose 0.14 percent to US$1.16595, but was still down 0.6 percent from last week’s US$1.1723.
The US dollar on Friday fell 0.2 percent to ￥111.00, down from last week’s ￥111.41.
The single currency steadied after falling more than 0.7 percent on Thursday in response to the ECB sticking to ending its 2.6 trillion euro stimulus program this year and keeping rates at a record low level through the summer of next year.
The yen firmed against the euro and the US dollar in advance of Bank of Japan’s two-day policy meeting that begins tomorrow in the wake of reports last week that policymakers might make its massive stimulus program more sustainable.
The Chinese yuan posted its longest weekly losing streak since November 2015.
It fell to a 13-month low at 6.8369 per US dollar as the Chinese currency has been under sustained pressure since Trump threatened to impose tariffs on all imports from China.
In Taipei, the New Taiwan dollar fell against the US dollar on Friday, losing NT$0.019 to close at NT$30.592, up 0.4 percent from last week’s NT$30.716.
Additional reporting by CNA and staff writer
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