The US dollar was left behind as the pound, the euro and the Canadian dollar forged ahead. That trio benefited from comments by their central bankers, during a forum organised by the European Central Bank, which led investors to believe they are amenable to raising interest rates when the economic picture allows. Although first quarter US gross domestic product was revised upwards to show growth of 0.4% the rest of the data were not particularly helpful to the Greenback.
The purchasing managers' index readings, new home sales, durable goods orders, pending home sales and weekly jobless claims were all worse than expected. Overall the dollar weakened by an average of -1.3% against the other dozen most actively-traded currencies. It lost a cent and a third to the Canadian dollar, two and three quarter cents to the euro and three and a quarter cents to sterling.