Dollar index holds gains after upbeat U.S. manufacturing data

Investing.com –

Investing.com – The dollar remained higher against the other major currencies on Friday, supported by upbeat U.S. manufacturing data and as market sentiment broadly weakened amid mounting fears over Greece’s debt troubles.

Preliminary data showed that the U.S. manufacturing purchasing managers’ index rose to 54.3 this month from 53.9 in January, beating expectations for a fall to 53.6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% to 94.59.

The euro was lower against the dollar, with EUR/USD down 0.26% to 1.1338 as another round of talks with eurozone finance ministers was set to take place later Friday after Germany rejected a proposed bailout extension request from Greece.

Earlier Friday, research group Markit said that the euro zone’s preliminary composite purchasing managers’ index rose to 53.5 this month from 52.6 in January, beating expectations for a reading of 53.0.

Germany’s preliminary manufacturing PMI remained unchanged at 50.9 in February, disappointing expectations for a rise to 51.5, while the services PMI rose to 55.5 this month from a reading of 54.0 in January, compared to expectations for an increase to 54.2.

In France, the preliminary manufacturing PMI slipped to 47.7 this month from 49.2 in January, while the services PMI rose to 53.4 in February from 49.4 last month, exceeding expectations for an increase to 49.8.

The pound remained lower against the dollar, with GBP/USD sliding 0.25% to 1.5376.

The Office for National Statistics earlier reported that U.K. retail sales rose fell 0.3% in January, compared to expectations for a 0.2% downtick. December’s figure was revised to a 0.2% gain from a previously estimated increase of 0.4%.

Year-on-year, U.K. retail sales rose at a rate of 4.8% last month, below expectations for a 5.9% increase and after a downwardly revised 3.8% gain in December.

A separate report showed that U.K. public sector net borrowing dropped by £9.40 billion January, more than the expected decline of £7.80 billion. December’s figure was revised to a £9.87 rise from a previously estimated £12.47 increase.

Elsewhere, USD/JPY dropped 0.30% to 118.58, while USD/CHF retreated 0.60% to 0.9437.

The Australian and New Zealand dollars were broadly stronger, with AUD/USD climbing 0.40% to 0.7823 and NZD/USD adding 0.18% to 0.7531.

Meanwhile, USD/CAD edged up 0.14% to 1.2512 after Statistics Canada reported that retail sales dropped 2.0% in December, disappointing expectations for a 0.3% slip, after a 0.4% rise the previous month.

Core retail sales, wich exclude automobiles, declined by 2.3% in December, compared to expectations for a 0.7% fall, after an increase of 0.7% in November.

Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com apps for Android and iOS!

Dollar Index

[email protected]

You may also like...

Rules of Discussion on Dollar index holds gains after upbeat U.S. manufacturing data

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean