Dollar beats euro for first week since mid-June after bullish data
The U.S. dollar on Friday gained against the euro for the first week since mid-June after data showed a strong uptick in U.S, business activity, while the single currency was held down as an August batch of European business surveys pointed to a stuttering economic recovery.
U.S. business activity snapped back to the highest since early 2019 this month as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country.
The dollar index =USD against a basket of major currencies was last up 0.60% at 93.24.
The euro EUR= dipped to a one-week low of $1.175 against the greenback earlier, before rising back to $1.179, down 0.61% on the day.
The greenback escaped a ninth consecutive weekly decline that would marked the longest losing streak since the summer of 2010 and a run that has only happened five times since 1990.
Reference: Reuters
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