Dollar Off Against Most Currencies
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NEW YORK — The dollar declined against most major currencies on Tuesday after the Commerce Department reported that its main economic forecasting gauge edged up only 0.2% in May. Trading was active in the morning but it slowed as the day progressed.
Gold prices were lower. Bullion was quoted at $344 an ounce at Republic National Bank, down $1.75 from Monday’s bid.
The Commerce Department said the slim advance in its Index of Leading Indicators followed a huge 1.3% gain in April, the biggest in almost three years, and solid increases of 0.6% in March and 1% in February.
“That data was a little weaker than the markets had expected,” said Christiane Mandell, an economist with Barclays Bank PLC in New York. Traders had expected the index to rise between 0.3% and 0.7% in May, dealers said.
A weaker economy could bring with it lower interest rates, which make dollar-denominated investments less attractive.
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