WASHINGTON (dpa-AFX) - Following the strong move to the upside in yesterday's trading, the value of the U.S. Dollar gave back some ground during trading on Friday.
The U.S. dollar index has dropped 0.59 points or 0.6 percent to 96.55 after jumping by 1 percent on Thursday.
The greenback is trading at 115.54 yen versus the 115.53 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1265 compared to yesterday's $1.1192.
The pullback by the dollar came as stock markets around the world rebounded following the weakness seen in recent sessions.
The continued recovery by stocks came as some analysts suggested the selling in response to Russia's invasion of Ukraine was overdone.
While the U.S. and its allies have imposed severe sanctions on Russia in response to the attack, the measures are not seen as crippling as some had feared.
The West's seeming unwillingness to target Russia's energy sector also helped ease worries about a spike in oil and gas prices fueling further inflation.
News that Russia is prepared to send a delegation to Belarusian capital Minsk for talks about Ukraine also contributed to drop by treasuries
Russia's apparent willingness to hold talks comes after Ukrainian President Volodymyr Zelenskyy signaled we has open to discussing Ukraine's 'neutral status.'
In economic news, new orders for U.S. manufactured durable goods increased by much more than expected in the month of January, surging up by 1.6%, according to a report released by the Commerce Department on Friday. Durable goods orders had jumped by a revised 1.2% in December 2021.
Economists had expected durable goods orders to climb 0.8% in January, compared to the 0.7% drop that had been reported for the previous month.
Consumer sentiment in the U.S. deteriorated by less than initially estimated in the month of February, according to a report released by the University of Michigan.
The report showed the consumer sentiment index for February was upwardly revised to 62.8 from the preliminary reading of 61.7. The upward revision surprised economists, who had expected the reading to be unrevised.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
