US dollar strengthens in late trading

New York: The US dollar strengthened in late trading on Wednesday.

The Euro fell sharply against the greenback after data showed that German business morale deteriorated in April, reports the Xinhua news agency.

Germany’s Institute for Economic Research (Ifo) reported that the Ifo business climate index fell from a revised 99.7 points in March to 99.2 points in April. The reading was lower than market expectations.

The Canadian dollar also declined against its the dollar after Canada’s central bank lowered its growth forecast for 2019.

The dollar index, which measures the greenback against six major peers, rose 0.54 per cent at 98.1668 in late trading.

In late New York trading, the Euro fell to 1.1142 US dollars from 1.1214 dollars in the previous session, and the British pound was down to 1.2905 dollars from 1.2937 dollars in the previous session. The Australian dollar fell to 0.7005 dollar from 0.7092 dollar.

The dollar bought 112.34 Japanese yen, higher than 111.83 Japanese yen of the previous session. The dollar increased to 1.0216 Swiss francs from 1.0202 Swiss francs and it increased to 1.3492 Canadian dollars from 1.3441 Canadian dollars.