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Greenback on track to post third weekly decline in a row
The U.S. dollar edged lower on Friday, as investors looked ahead to a closely watched health-care vote in Congress , which could provide clarity into the ability of the Trump administration to pass its ambitious economic agenda.
The buck advanced against the pound but declined against the euro and was on track for its third straight weekly decline.
The ICE Dollar Index , which measures the dollar against a basket of six major currencies, fell 0.2% at 99.60 and hovered near a seven-week low. The gauge is on track to post a weekly decline of more than 0.5%, marking its third weekly drop in a row since the week ended March 10 , according to FactSet data. It has lost 1.8% over that period.
The WSJ Dollar Index , which measures the buck against 16 currencies, was down 0.1% at 89.93.
Notably, the euro rose after data from surveys of purchasing managers (http://www.marketwatch.com/story/eurozone-pmi-jumps-to-highest-in-six-years-2017-03-24) (http://www.marketwatch.com/story/eurozone-pmi-jumps-to-highest-in-six-years-2017-03-24)indicated the eurozone's economy grew at the fastest pace in six years during the first quarter of 2017. It likely raises expectations that the European Central Bank would consider a moderation of its stimulus measures later this year, which could be positive for the euro. The dollar traded at $1.0810 against the euro , versus $1.0783 in late New York trade on Thursday.
Against the yen, the dollar changed hands at Yen110.91 , from Yen110.93 late Thursday in New York .
The dollar pared some of the gains stemming from an ultimatum President Donald Trump reportedly gave to House Republicans on Thursday night, when he said they either pass the health-care bill, as is, on Friday, or live with Obamacare.
Read:Here's why financial markets are obsessed with the health-care vote (http://www.marketwatch.com/story/what-traders-are-watching-as-health-care-vote-looms-2017-03-23)
The dollar rose in Asian hours and early European trading on reports that Trump would drop the health issue if it fails in the coming House vote. Investors have been closing watching the negotiations, and will track the vote, which is expected to take place Friday afternoon. Investors view the health bill as a test of Trump's ability to negotiate and implement pro-growth policies that have been the centerpiece of his presidential campaign and had buttressed of a surge in dollar. Lately, however, the rise of the dollar, Treasury yields and equities has abated amid doubts about Trump's legislative prowess.
Read:Trump ultimatum: Pass health bill now or live with Obamacare (http://www.marketwatch.com/story/trump-ultimatum-pass-health-bill-now-or-live-with-obamacare-2017-03-23)
The health-overhaul bill delay was a only "slight disappointment" to investors, said Shusuke Yamada , currency strategist with Bank of America Merrill Lynch in Tokyo . Real-money investors were expected to sit on the sidelines, although with the dollar trading near a four-month low against the yen, the U.S. currency attracted some dip-buying by domestic Japanese investors, analysts said.
Read: Here's what the health-care vote means for financial markets (http://www.marketwatch.com/story/what-traders-are-watching-as-health-care-vote-looms-2017-03-23)
"The sooner they get health care done, the sooner they can start working on the tax plan," Yamada said. "Any further delay will make investors only more cautious and skeptical about the prospect of near-term tax reform."
In other currency pairs, the British pound also weakened against the dollar, backing away from a one-month high seen Thursday above $1.25 to trade at $1.2496 , a decline of 0.2%. The pound rallied after a surprisingly strong reading on U.K. retail sales fueled hopes for a more hawkish tone from the Bank of England .
Barbara Kollmeyer contributed to this report.