US Dollar Struggles After Soft Economic Data

More soft economic data out of the United States is weighing on the US dollar today. Speculation that the economic recovery in the United States is slowing is sending the dollar lower against many of its counterparts.

Disappointing economic data is dragging on the US dollar today. Durable goods dropped the most in seven months, and there are concerns about the still-sluggish labor market. Additionally, retail sales data has also shown weakness recently. Jobless claims may have dropped for the latest report, but the economy is still adding jobs too slowly for some tastes.
Next week, the Federal Reserve is meeting about policy, and Forex traders and investors will wait to see what comes out of the meeting. However, the soft data means that the asset purchase program is likely to remain in place for a little longer. Until the quantitative easing measures are lifted, the US dollar is likely to struggle.
Greenback is slightly higher than the euro right now, but euro is paring its earlier losses on the weak US data.
At 15:12 GMT EUR/USD is down to 1.3009 from the open at 1.3015. GBP/USD is up to 1.5435 from the open at 1.5269. USD/JPY is down to 99.4730 from the open at 99.5200.

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