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​Dollar edges up on manufacturing data after initial softness

The dollar edged higher on Tuesday against a basket of peer currencies after U.S. manufacturing data showed a stronger-than-expected pickup in activity, even as labor shortages and a lack of raw materials weighed on production.

The Institute for Supply Management (ISM) said its index of U.S. manufacturing activity rose in May as pent-up demand amid a reopening economy boosted orders.

The dollar index crept up 0.35% to 89.822, but was well off Friday’s high of 90.447, when a measure of U.S. inflation closely watched by the Federal Reserve posted its biggest annual rise since 1992.

 

·         Treasury yields climb as investors digest higher inflation prints

Bonds yields rose on Tuesday, as investors digested last week’s inflation data and look ahead to Friday’s all-important jobs report.

The yield on the benchmark 10-year Treasury note ticked up to 1.616% in afternoon trading, while the yield on the 30-year Treasury bond rose to 2.298%. Yields move inversely to prices.

 

China’s yuan was steady after authorities ordered banks to increase their foreign exchange reserve ratio, a move seen as an attempt to limit the fast appreciation of the yuan.

 

The offshore yuan was at 6.3817, up 0.11% on the day.

 

·         In cryptocurrencies,

Bitcoin was down 2.66% at $36,348.78
Ether fell 1.21% to $2,566.90.

 

·         Coinbase Pro opens up to dogecoin after cryptocurrency’s 6,000% gain this year

 

Coinbase is finally getting into dogecoin.

 

 

Starting Tuesday, the crypto exchange is offering its Pro users the option to trade dogecoin, a cryptocurrency that was started as a joke and has taken off this year, helped by the frequent tweeting of Tesla CEO Elon Musk.

 

Dogecoin is currently trading at 32 cents, up almost 6,000% for the year. However, it’s dropped by more than 50% since reaching a high in May.

Dogecoin is not yet available on Coinbase’s primary website or its consumer mobile apps. The company said there will be a “separate announcement if and when this support is added.” For now, that means that retail investors will have to look elsewhere.