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Euro, yen close higher

ForexDec 05, 2016 12:48PM ET
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U.S. economic growth positive

Investing.com - The euro and the yen were up on Monday at mid-day against the U.S. dollar. The yen exchange rate was 113.76 and the euro exchange rate was 1.0751, both, respectively, higher. News that U.S. service industries boosted production and hiring in November moved the markets. The news was perceived as a sign economy in the U.S. was expanding at a progressive pace after a very weak first half of the year, and seven tepid years of recovery under outgoing President Obama.

The currencies then closed higher for the day. TheEUR/USD ended at 1.0764, up 0.91%. The USD/JPY closed at 113.83, up 0.30%. The GBP/USD ended the day at 1,2730, up 0.02%.

The Institute for Supply Management said today its index of non-manufacturing activity rose to 57.2 in November from 54.8 in October, and a score above 50 indicates sector expansion.

Last month’s reading—the highest in more than a year — well exceeded economists’ expectation of a score of 55.5.

The service sector, including restaurants, accountants, barbers and real estate brokers and salesmen—accounts for most of the economy in the U.S. This broad sector was impaired earlier in the year. They have rebounded in recent months as consumers, benefiting from better earnings and scant inflation, spent more freely. Industrial spending also appears to be picking up, too, though it remains slow.

The Investing.com Euro Index was up 0.84%.

Euro, yen close higher
 

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Juan Maria Garmendia Oria
Juan Maria Garmendia Oria Dec 02, 2020 6:50AM ET
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