Dollar edges down as month-end flows weigh

 NEW YORK (Reuters) -The dollar eased against a basket of currencies on Friday, pulled-down by month-end rebalancing flows, but was on track to finish the week higher as fresh data reinforced the view the U.S. economy remains on a firm footing.

U.S. consumer spending increased more than expected in September, keeping it on a higher growth path heading into the fourth quarter, while monthly inflation was elevated, data on Friday showed.


The dollar index, which measures the currency’s strength against a basket of six rivals, was 0.1% lower at 106.47, with analysts attributing some of the weakness to month-end flows where investors buy and sell currencies to rebalance their portfolios toward the end of the month. The index was up 0.3% for the week.


“This time of the month there are month end flows that tend to predominate at certain points,” Bipan Rai, North America head of FX strategy at CIBC Capital Markets, said.


https://www.globalbankingandfinance.com/dollar-edges-down-as-month-end-flows-weigh/

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