On Wednesday the dollar remained broadly higher against its peers, even after data indicated that manufacturing
conditions in the New York area contracted unexpectedly in April, as
markets awaited a report on U.S. industrial production later in the day.
In a report, the Federal Reserve Bank of New York said that its general business conditions index decreased to -1.2 this month from a reading of 6.9 in March. Analysts had expected the index to inch up to 7.0 in April.
EUR/USD dropped 0.68% to 1.0584 after the European Central Bank said it was maintaining its benchmark interest rate at a record-low 0.05%, in line with market expectations. The central bank also held its marginal lending at 0.30% and left its deposit facility rate unchanged at minus 0.20%.
The British currency was also lower, with GBP/USD slipping 0.13% to 1.4763.
showed that while China’s economy grew 7.0% in the first quarter,
matching forecasts, it was still the slowest rate of growth in six
years, putting export-related currencies under pressure.
Also Wednesday, the Westpac Banking Corporation said Australian consumer sentiment fell 3.2% this month, after a 1.2% decline in March.
USD/CAD meanwhile climbed 0.51% to trade at 1.2550 after data showed that Canadian manufacturing sales dropped 1.7% in February, compared to expectations for a 0.2% fall. January's figure was revised to a 3.0% decline from a previously estimated 1.7% slide.