U.S. dollar rises on disappointing economic data from Europe

  • World
  • Wednesday, 07 Jun 2023

NEW YORK, June 6 (Xinhua) -- The U.S. dollar strengthened Tuesday on disappointing economic data from Europe and rising U.S. Treasury yields.

The dollar index, which measures the greenback against six major peers, rose 0.12 percent to 104.1263 in late trading.

Markets may avoid big swings as investors are ready for next week's Federal Reserve policy meeting, said Jeff Kilburg, chief executive officer of KKM Financial.

The yield of U.S. 2-year Treasury notes saw modest growth on Tuesday with a daily high of 4.562 percent.

German manufacturing orders declined 0.4 percent in April, according to data from the German Federal Statistics Office, and stagnant retail sales in the Eurozone at the start of the second quarter dampened sentiment by reinforcing fears of a possible recession later in the year.

The euro fell to its weakest point since March 20 following a release of poor data pointing at a slowdown in Eurozone economic activity, noted Monex USA, a provider of foreign exchange, risk management, and international payment solutions.

The U.K. Construction Purchasing Managers' Index rose to 51.6 in May from April's 51.1, but many forecasters still expect Britain to suffer higher inflation and weaker growth for longer than its peers.

In late New York trading, the euro was down to 1.0694 U.S. dollars from 1.0714 dollars in the previous session, and the British pound was down to 1.2430 U.S. dollars from 1.2433 dollars in the previous session.

The U.S. dollar bought 139.6570 Japanese yen, higher than 139.6130 Japanese yen of the previous session. The U.S. dollar was up to 0.9076 Swiss franc from 0.9057 Swiss franc, and it was down to 1.3401 Canadian dollars from 1.3437 Canadian dollars. The U.S. dollar was up to 10.9108 Swedish Krona from 10.8539 Swedish Krona.

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