U.S. Dollar Rises Amid Strong ISM Manufacturing PMI
May 01 2023 - 07:12AM
RTTF2
The U.S. dollar erased its early losses against its major
counterparts in the New York session on Monday, as the Institute
for Supply Management's manufacturing PMI exceeded expectations in
April.
The ISM said its manufacturing PMI rose to 47.1 in April from
46.3 in March, with a reading below 50 indicating a contraction.
Economists had expected the index to inch up to 46.6.
The Commerce Department also released a report showing an
unexpected increase in U.S construction spending in the month of
March.
The greenback recovered to 1.2519 against the pound, 1.0995
against the euro and 0.8942 against the franc, off its early lows
of 1.2569, 1.1035 and 0.8914, respectively.
The greenback touched 137.25 against the yen, its highest level
since March 9.
The greenback rebounded to 0.6175 against the kiwi, from an
early near 2-week low of 0.6199.
The greenback may find resistance around 1.21 against the pound,
1.06 against the euro, 0.92 against the franc, 139.00 against the
yen and 0.60 against the kiwi.
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