SINGAPORE, June 24 — The dollar was under pressure today, after upbeat data in Europe boosted the euro and helped stoke hopes for a global economic recovery, underpinning appetite for riskier currencies. The euro is headed for its best month against the dollar since October, and inched higher to...
The dollar was under pressure today, after upbeat data in Europe boosted the euro and helped stoke hopes for a global economic recovery. ― Reuters pic
IHS Markit’s June euro zone Flash Composite Purchasing Managers’ Index, a broad gauge of economic activity, beat expectations with a bounce to 47.5 yesterday from May’s 31.9. In the meantime, the positive signals seem enough to offset worries about a resurgence in US coronavirus cases, and to draw bets — reflected in a rising gold price — on broad dollar weakness.
“But overnight the Eurozone PMIs lifted, PMIs in the UK lifted and PMIs in the US lifted, so the economic story, that we are seeing the recovery, is helping to underpin the commodity currencies.” Against the tide, the New Zealand dollar dipped to US$0.6468 after the country’s central bank said the balance of economic risks remains to the downside and it is prepared to use additional monetary tools as necessary.The moves extend markets’ stubborn optimism in the face of spiking coronavirus cases in the United States, Germany and elsewhere.
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