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Major currencies weaken against the dollar in morning trade

Major currencies found themselves weaker against the US dollar in Asian trading on Wednesday morning.

The dollar index, a measure of the US currency against a basket of global peers, was up 0.1 per cent at 97.419. The greenback slipped on Tuesday following a mixed bag of economic data that showed consumer confidence slipped in May but home prices and spending rose.

The euro was down 0.1 per cent at $1.1175. The currency finished 0.2 per cent higher on Tuesday, momentarily brushing off dovish comments from Mario Draghi, president of the European Central Bank, on Monday he was “firmly convinced” of the Bank’s need to stick with its quantitative easing programme to support the Continent’s economic recovery.

The Japanese yen was 0.3 per cent weaker at ‎¥‎111.14 per dollar after a three-session winning streak yesterday brought it to its strongest level in a fortnight. Data this morning showed, though, that industrial production growth picked up in April to its strongest level in almost three years, though not by as much as economists expected.

The Australian dollar swung into negative territory to be 0.2 per cent weaker at $0.7452 after data showed private sector credit grew in line with expectations.