Dollar Falls as Economic Data Back Higher-Yielding Currencies
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The dollar fell against most of its major counterparts as economic data signaled the world’s largest economy is accelerating into the new year, encouraging demand for currencies in nations with higher-yielding assets.
The U.S. currency weakened after economic reports showed business expansion, fewer jobless claims and more pending home sales. Canada’s currency traded above parity with the greenback for the third day. The Swiss franc climbed to a record versus the euro, pound and dollar. The International Monetary Fund announced it decreased the weight the dollar and yen make up in the basket that makes up its currency unit.