🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Forex - Dollar Rises After Strong Chicago PMI Data

Published 11/30/2018, 10:16 AM
© Reuters.

Investing.com - The dollar was higher on Friday after manufacturing activity in the Chicago area rose to a four-and-a-half-year high.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.36% to 97.04 as of 10:16 AM ET (15:16 GMT).

The Chicago purchasing managers’ index rose to 66.4 in November, compared to expectations for a rise to 58.6, the Institute for Supply Management reported.

On the index, a number above 50.0 indicates an expansion, while below indicates contraction.

Investors are also looking ahead to news from the G20 summit in Argentina, where U.S. President Donald Trump is expected to meet with Chinese President Xi Jinping and Russian President Vladimir Putin on the sidelines.

On Thursday, Trump said he was close to doing “something” on trade with China, although he added that he wasn’t sure he wanted to.

The dollar was higher against the safe-heaven Japanese yen, with USD/JPY rising 0.07% to 113.55. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The euro was also lower on disappointing German retail sales, with EUR/USD slumping 0.46% to 1.1340. Retail sales in Germany fell to a three-month low of negative 0.3%, compared with estimates for a 0.4% increase.

The pound remained lower, with GBP/USD falling 0.34% to 1.2741 amid continued Brexit worries.

Elsewhere, NZD/USD was flat at 0.6858, while AUD/USD was down 0.31% to 0.72985.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.