NEW YORK: US dollar on Friday gained ground against euro for the first time since mid-June earlier this year after data revealed a healthy uptick in business activities. Manufacturing and services sector activities have picked up following increased orders despite coronavirus cases continuing to remain high.
A senior market analyst from New York told media that as per Markit PMI flash readings the US was outperforming Europe. The PMI numbers suggest that Europe is losing some momentum and we’re seeing some turbulent in other areas of the global economy. The euro EUR= had dipped to a one-week low of $1.175 against the greenback and rose back to $1.179.
The recovery in the dollar had begun earlier this week on Wednesday with Federal Open Market Committee releasing minutes from its last meeting. The minutes' prompt dollar bears to buy into the heavily shorted currency, which fuelled its biggest one-day surge in more than two months.
