Dollar near flat after Fed’s Dudley, U.S. data deflate rise

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By Dion Rabouin

The dollar was flat on Friday as a Federal Reserve official’s seemingly dovish remarks and uninspiring data on the U.S. economy “squelched” the sanguine mood from earlier this week.

The euro rebounded from a two-week trough, and the dollar fell to its low on the day against the Japanese yen after comments from New York Fed President William Dudley. Seen as one of the most important members of the Fed’s rate-setting committee, Dudley said the central bank was in no rush to tighten monetary policy.

His comments followed less-than-stellar data on U.S. consumer spending that showed that even as confidence hit its highest level in more than 16 years, Americans are still holding their wallets tightly.

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