2021.09.1521:18:00UTC+00Dollar Loses Ground Against Major Rivals

The U.S. dollar stayed subdued against most of its major rivals on Wednesday amid the latest batch of economic data.

A report from the Fed showed industrial production in the U.S. increased by slightly less than expected in the month of August, rising by 0.4%, after climbing by a downwardly revised 0.8% in July.

Economists had expected industrial production to increase by 0.5% compared to the 0.9% advance originally reported for the previous month.

The Fed noted late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage points.

A separate report from the Labor Department said import prices fell by 0.3% in August after climbing by an upwardly revised 0.4% in July.

The report said export prices increased by 0.4% in August after jumping by a downwardly revised 1.1% in July.

The dollar index dropped to a low of 92.42 around the time the data on industrial production for the month of August. It later recovered to 92.49, but was still down in negative territory, trailing the previous close by about 0.14%.

Against the Euro, the dollar weakened to 1.1816 from 1.1804.

The Pound Sterling firmed to fetch $1.3843 a unit, compared with $1.3819 Tuesday evening.

The Yen strengthened to 109.37 a dollar, gaining from 109.69.

Against the Aussie, the dollar weakened to 0.7334 from 0.7320.

The Swiss franc was little changed at 0.9197 against the dollar, while the Loonie firmed to 1.2631 a dollar as oil prices rose sharply.