US dollar falls as consumer sentiment surprisingly dropped by Investing.com

Investing.com – The US dollar depreciated on Friday after consumer sentiment reached its lowest level since October 2016, with pricing concerns in the United States and China affecting domestic spending.

The University of Michigan in August stood at 89.8, which is below expectations for a reading of 92.3. The lower final reading was mainly due to tariff concerns, said Richard Curtin, chief economist in charge of the investigation.

"Contrary to repeated price reversals, negative consumer confidence trends can not be easily reversed," he said.

The big movements between preliminary and final Michigan sentiment for a month are unusual.

The, which measures the strength of the bank note against a basket of six major currencies, was 98.442 at 10:40 (14:40 GMT), which is not very far from a previous low of 98,380.

The Japanese yen, which is seen as a safe haven in times of market turmoil, rose, edging down 0.3% to 106.15.

At the same time, US President Donald Trump lamented the fall of the euro against the dollar, again criticizing the Federal Reserve for not reducing rates as much as he would like.

"The euro falls against the dollar" like crazy ", which gives them an important advantage in terms of exporting and manufacturing … and the Fed does not do anything!" Trump told Twitter .