Dollar Stays Firm Against Major Counterparts
(RTTNews) - The U.S. dollar firmed against its major counterparts on Friday, riding on stronger-than-expected U.S. manufacturing activity report.
Weak euro area and Japanese economic data contributed as well to the increased demand for the U.S. currency.
Data showed the S&P Global US Composite PMI rose to 54.6 in June, the highest level since April 2022, up from 54.5% in May. The U.S. service sector did well to come in with a score of 55.1 for June, up from 54.7 a month earlier. The manufacturing activity in June improved as well, with the manufacturing PMI coming in a with a reading of 51.7 for the month, rising from 51.3 in May.
A report released by the Conference Board showed its reading on leading U.S. economic indicators fell by more than expected in the month of May.
The Conference Board said its leading economic index decreased by 0.5% in May following a 0.6% decline in April. Economist had expected the index to dip by 0.3%.
The dollar index climbed to 105.92 before paring some gains. At 105.79, the index was up 0.2% a little while ago.
Against the Euro, the dollar firmed to 1.0695, up marginally from the previous close. The dollar gained slightly against Pound Sterling at 1.2649.
Against the Japanese currency, the dollar advanced to fetch 159.67 yen a unit, nearly 0.5% up from Thursday's close. The dollar strengthened to 0.6643 against the Aussie.
The Swiss franc weakened to 0.8943 a unit of U.S. dollar from 0.8913. The Loonie eased to 1.3700 against the dollar, declining marginally.
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