Forex News

Dollar High as regardless of Surprise fall in U.S. Manufacturing Data

Dollar High as regardless of Surprise fall in U.S. Manufacturing Data


The dollar was high on Tuesday morning in Asia as an unexpected slowdown in U.S. manufacturing growth cut off Investor bets on a booming U.S. economy giving the U.S. currency a boost.

The U.S. Dollar Index traces the greenback against a basket of other currencies inclined 0.22% to 91.125.
The USD/JPY pair was up 0.22% to 109.28.
The AUD/USD pair was down 0.21% to 0.7744
The NZD/USD pair inched down 0.33% to 0.7174.
The USD/CNY pair was steady at 6.4735
The GBP/USD pair was down 0.27% to 1.3872.

Japanese and Chinese markets remained closed for a holiday.

The U.S. Institute of Supply and Management ISM Manufacturing Purchasing Managers Index (PMI) released on Monday, was a lower-than-expected 60.7 for April.

The euro rose 0.3%, as investors understood economic data from the region. The German Manufacturing PMI was 66.2 for April, while the Eurozone’s manufacturing PMI was 62.9.

Investors are now looking to further data to be released later in the week including the U.S Trade balance and the April U.S. employment report which includes non-farmer payrolls

Benchmark ten-year U.S. Treasury yields dropped 2.5 basis points late as the data baffled, and like New York, Fed President John Willian emphasized that the economic recovery so far is “not nearly enough” to harden monetary policy.