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Flash: Dollar falls on weaker US data - UBS

FXstreet.com (Córdoba) - The dollar hit a four week low against the euro and the yen in reaction to weaker US data. "Monday's release of the US ISM PMI, which dropped below 50, added to higher unemployment claims, a downward GDP revision and disappointing consumer spending last week", says the UBS analyst team.

"This has dampened a bit the recent expectations about the Fed likelihood to start tapering the current QE in the near future", they say. "We continue to see the USD stronger in coming months and keep a short EURUSD recommendation".

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