(RTTNews) - The US dollar traded lower against major currencies during European trading on Friday. The greenback dropped to new multi-day lows against the euro and the British pound.
The euro showed strength against other major rivals after Germany's PPI data in early European deals today. The greenback plunged to a 4-day low of 1.3716 versus the euro by about 4:15 am ET, compared to yesterday's close of 1.3644. Presently, the pair is trading at 1.3697.
The Federal Statistical Office said today that Germany's producer price index rose 4.3% year-on-year in October, faster than a 3.9% growth in the previous month. Producer prices increased for the seventh consecutive month. Economists had expected inflation to rise to 4.1%.
The latest annual growth was mainly due to rise in prices of energy, the Destatis said. Energy prices increased 0.7% on a monthly basis and grew 7.2% over a year ago.
The statistical office Istat reported today that Italian industrial new orders fell 1.2% from August, compared to a 6.8% rise in the previous month. Economists had predicted a 2% fall.
Year-on-year, new orders increased 17.9%, again missing forecasts for a 17% rise. Order levels had risen 32.8% in August.
Against its British counterpart, the greenback edged down further and touched a 4-day low of 1.6096 at around 4:10 am ET. As of now, the pair is worth 1.6081 from Thursday's closing value of 1.6043.
The dollar that closed yesterday's North America session at 0.9960 versus the Swiss franc, traded lower and slipped to 0.9889 as of 4:30 am ET.
The US currency also showed weakness against its Japanese counterpart in today's European trading and fell to 83.15 by about 3:35 am ET. At present, the greenback is trading near 83.26 versus the yen from Thursday's close of 83.53.
The Federal Reserve Chairman Ben Bernanke's speech at the European Central Bank around 5:15 am ET will also be closely watched by market players.
There are no major economic data due out in the North American session today.
