Trading & Financial News
No Result
View All Result
Saturday, June 28, 2025
  • Login
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
Subscribe
Trading & Financial News
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
No Result
View All Result
Trading & Financial News
No Result
View All Result
Home Forex News

Dollar higher as US business activity ticks up in October By Reuters

by Tradinghow
October 24, 2023
in Forex News
A A
0
Dollar higher as US business activity ticks up in October By Reuters
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


© Reuters. U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File photo

By Saqib Iqbal Ahmed

NEW YORK (Reuters) -The dollar climbed against a basket of currencies on Tuesday as a slew of fresh economic data highlighted the strength of the U.S. economy relative to the United Kingdom and the European Union.

U.S. business output ticked higher in October as the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures, S&P Global said on Tuesday.

It was the latest sign the U.S. economy is withstanding the surge in interest rates, spurred by the Federal Reserve’s campaign to beat back inflation.

The , which measures the currency’s strength against a basket of six rivals, was 0.6% higher at 106.19. The index had slipped to a one-month low of 105.35 earlier in the session.

“The big picture still clearly remains intact, especially when you compare U.S. PMI to the concurrent releases out of the UK and the euro zone this morning,” Helen Given, FX trader at Monex USA, said.

“While all three PMI readings for the U.S. (manufacturing, services, and composite) were positive, both the UK and the euro zone showed contractions, re-emphasizing the continuing resilience of the larger U.S. economy in comparison to its peers around the world,” she said.

Earlier on Tuesday, survey data showed that euro zone business activity took a surprise turn for the worst this month in a broad-based downturn across the region, suggesting the bloc may slip into recession.

The euro reversed course and was last 0.7% lower at $1.05975.

German data was particularly glum. The purchasing managers’ index survey showed that the service sector joined the manufacturing sector in contractionary territory.

Global financial markets have been gripped by a surge in U.S. bond yields, which on Monday pushed the all-important above 5% to its highest since July 2007. The rise in yields drove the dollar index to an almost one-year high earlier this month.

The yield then dropped sharply later on Monday. Analysts said one catalyst was a social media message by prominent hedge fund investor Bill Ackman, saying he had closed out his bet against longer-dated bonds and that geopolitical worries were a factor. Yields rise as prices fall and vice versa.

The dollar was last up 0.1% at 149.875 yen, keeping traders nervous about possible government intervention to prop up the Japanese currency.

The British pound was last down 0.59% at $1.21765. Britain’s businesses reported another decline in activity this month and cost pressures cooled further, surveys showed on Tuesday, underlining the risk of recession.

The Bank of England is due to set interest rates on Thursday next week, after the Federal Reserve’s decision on Wednesday. The European Central Bank’s meeting ends this Thursday, with traders expecting all three central banks to hold rates steady.

In cryptocurrency markets, bitcoin extended its rise, helped by speculation that an exchange-traded bitcoin fund is imminent. The world’s largest cryptocurrency by market cap was last up 4.1% at $34,423.



Source link

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB
  • Trending
  • Comments
  • Latest
The Evolving International Cannabis Landscape

The Evolving International Cannabis Landscape

March 20, 2024
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

July 29, 2023
Uniswap Launches Permissionless Bridging Across 9 Networks

Uniswap Launches Permissionless Bridging Across 9 Networks

October 24, 2024
China tech groups lead multibillion-dollar campaign to help exporters sell at home

China tech groups lead multibillion-dollar campaign to help exporters sell at home

April 20, 2025
High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

0
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

0
Learn how to trade. For beginners

Learn how to trade. For beginners

0
Trading for beginners

Trading for beginners

0
Forexlive Americas FX news wrap: Trump cancels trade talks with Canada

Forexlive Americas FX news wrap: Trump cancels trade talks with Canada

June 28, 2025
Smoke review: Like a Mahesh Bhatt thriller with an Apple-level budget and an MX Player vibe | Web-series News

Smoke review: Like a Mahesh Bhatt thriller with an Apple-level budget and an MX Player vibe | Web-series News

June 28, 2025
Navigating Summer Risks in Property Management

Navigating Summer Risks in Property Management

June 28, 2025
Nigerian billionaire, Dangote, sets ambitious goal with .5 billion fertilizer plant

Nigerian billionaire, Dangote, sets ambitious goal with $2.5 billion fertilizer plant

June 27, 2025

Recent News

Forexlive Americas FX news wrap: Trump cancels trade talks with Canada

Forexlive Americas FX news wrap: Trump cancels trade talks with Canada

June 28, 2025
Smoke review: Like a Mahesh Bhatt thriller with an Apple-level budget and an MX Player vibe | Web-series News

Smoke review: Like a Mahesh Bhatt thriller with an Apple-level budget and an MX Player vibe | Web-series News

June 28, 2025

Categories

  • Business
  • Crypto
  • Economy
  • Forex News
  • Investing
  • Markets
  • More
  • Stock Trading
  • Trading for beginners

Site Navigation

  • Home
  • Contact Us
  • Stock Trading
  • Markets
  • Investing
  • Other Links
  • Privacy & Policy
Trading & Financial News

We bring you the fastest breaking news on Trading, forex, and finance submitted from credible and reliable news sources around the world.

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

No Result
View All Result
  • Contact Us
  • Home
  • Economy
  • Crypto
  • Investing
  • Markets
  • Forex News
  • Stock Trading

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In