RTRS: Dollar trims gains vs yen after consumer confidence
NEW YORK (Reuters) - The dollar trimmed gains against the yen on Tuesday after a gauge of U.S. consumer confidence hit a lifetime low this month.
The dollar slipped to 95.36 yen after the data, from 95.75 just before. The pair, however, was still up 2.8 percent from late on Monday.
The Conference Board's U.S. consumer confidence index fell to an all-time low in October to 38.0 from an upwardly revised 61.4 in September, the private business research group reported on Tuesday. September's number was originally reported as 59.8.
"It's a dismal reading," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "Lowest on record. I was wondering how low it might go but it blew through my worst expectations."
He added that "it is a dollar bull market and you would think some negative impact but it is being dominated by broader global forces which are providing intense support for the dollar."
(Reporting by Gertrude Chavez-Dreyfuss and Nick Olivari; Editing by Theodore d'Afflisio)