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NY foreign exchange market = dollar slightly lower against euro Euro zone PMI unexpectedly improved | Reuters

NY foreign exchange market = dollar slightly lower against euro Euro zone PMI unexpectedly improved | Reuters
NY foreign exchange market = dollar slightly lower against euro Euro zone PMI unexpectedly improved | Reuters

NEW YORK (Reuters) – The dollar weakened slightly against the euro on the New York forex market. The euro benefited from an unexpected improvement in the euro area’s Composite Purchasing Managers Index (PMI).

The dollar fell slightly against the euro in the New York foreign exchange market. The euro benefited from an unexpected improvement in the euro area’s Composite Purchasing Managers Index (PMI). (2023 REUTERS/Rick Wilking)

S&P Global’s preliminary composite PMI for the euro zone rose to 50.2 in January from 49.3 in January, surpassing the 50 mark that separates boom and bust for the first time since June last year, S&P Global said on Monday.

Meanwhile, the preliminary US PMI for January was 46.6, falling below the 50 mark that separates economic expansion from contraction for the seventh month in a row. However, it rose from a confirmed reading of 45.0 in December last year to reach a three-month high.

Juan Perez, trading director at Monex USA, said the U.S. PMI “supports the Fed’s assertion that the U.S. economy is resilient enough to withstand another rate hike.” “While the Fed rate hikes have clearly dampened the expansion, the U.S. economy has not been hit as hard as many thought,” he said.

The Federal Funds (FF) futures market has priced in speculation that there will be two more 0.25 percentage point hikes this year, with interest rates peaking around 5% in June.

The euro rose 0.09% to $1.0881. It hit a nine-month high of $1.0927 on the previous day.

In addition to the unexpected improvement in the euro area PMI, German PMI data for January showed the services PMI at 50.4, above 50 for the first time since June last year.

The dollar rose to a one-week high at one point against the yen, but then disappeared, dropping 0.44% to 130.095 yen in the final stages.

The British pound fell 0.34% to $1.2334. The UK’s preliminary PMI for January was 47.8, the lowest in two years. Interest rate hikes, strikes and sluggish consumer demand took their toll.

Bitcoin, a crypto asset (virtual currency), was almost unchanged at $22,973.

Dollar/yen NY closing price 130.15/130.18

Opening price 130.18

High 131.11

Low 129.88

EUR/USD NY Closing Price 1.0885/1.0889

Opening price 1.0866

High 1.0888

Low 1.0836

The article is in Japanese

Tags: foreign exchange market dollar slightly euro Euro zone PMI unexpectedly improved Reuters

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