U.S. Dollar Remains Lower

The dollar held its first two-day drop this month against major counterparts as a gauge of economic surprises fell to a three-month low, signaling U.S. data are weaker than analysts estimated.

The yen remained higher versus the greenback as trading patterns suggest its declines this month were excessive. Australia’s currency erased earlier losses after a report showed the nation’s private capital expenditure unexpectedly increased. U.S. financial markets are shut for Thanksgiving.

“Some investors might look to take some of their chips off the table following the run up in the dollar in the past couple of months,” said Michael Turner, a debt and currency strategist at Royal Bank of Canada in Sydney. “The data have turned this week in the U.S., but the reaction has been exaggerated.”

Bloomberg

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