Dollar rises on upbeat U.S. manufacturing data
The dollar rose against a basket of currencies on Friday, boosted by encouraging U.S. manufacturing data, but remained on track for a weekly loss as traders’ concerns about taper talk in U.S. Federal Reserve minutes moderated.
The dollar has given back much of the advance it made after a mention in minutes from the Fed’s April monetary policy meeting of possible future discussions on paring back stimulus, raised hopes U.S. interest rate raises might come earlier than previously thought.
The dollar index, measuring the greenback against a basket of six currencies, was 0.222% higher at 89.993. The index, which hit a four-month low earlier in the session, was on pace for a loss of 0.4% for the week.
Some strategists remain doubtful the Fed will rush to pull back from its accommodative stance.
Still, continued improvement in U.S. data, especially relative to Europe, is likely to bolster the bull case for the greenback, other analysts said.
Reference: CNBC
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