The dollar fell for a fourth straight session versus the euro, while the yen dropped to a two-week low against both the euro and dollar, with volumes thin given the May Day holiday in Europe. Higher-yielding currencies such as the Australian and New Zealand dollars were some of the biggest movers on the day, moving in tandem with higher U.S. stocks.
New data on Friday reinforced the view that the worst of the recession may have passed, making investors more comfortable with risk-taking. Reports showed U.S. consumers felt more upbeat about the economy in April while a key gauge of manufacturing suggested the sector was gradually emerging out of a prolonged recession.
Risk appetite is definitely coming back and the data this morning was phenomenal, said Melvin Harris, a market analyst at Advanced Currency Markets in New York.
The reports are supportive factors to truly build the case that while things are not completely better yet, we are moving in a positive direction. Economic fundamentals will become more important in the next couple of months.
The numbers were consistent with the Federal Reserve's less bleak outlook on the U.S. economy issued on Wednesday.YEN FALLS; AUSSIE, KIWI RISE
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