The U.S. dollar declined during trading on Friday, as investors continued to exercise caution regarding interest rate expectations after the release of import price data and other indicators earlier in the week suggesting the potential for rising inflation in the coming months.
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According to CNBC, the dollar received little support from today’s data, which showed a rebound in U.S. import prices in July, driven by rising costs.
The Japanese yen outperformed both the euro and the British pound after surprisingly strong data on Japan’s economic growth revealed that export volumes remained healthy despite recent tariffs imposed by the United States.
The yen strengthened against the U.S. dollar, which fell by 0.56% to 146.94 yen, supported by data showing that Japan’s economy grew faster than expected in the second quarter.
The euro also climbed by 0.37% to $1.1689, amid expectations from many analysts that the European currency could benefit from any potential ceasefire agreement in Ukraine.
The British pound rose 0.20% to $1.3553, while the Australian dollar increased by 0.2% to $0.6508.
Meanwhile, the Chinese yuan slipped from its two-week highs, as sentiment was weighed down by economic data that came in below expectations.
