{"id":127199,"date":"2021-06-01T19:35:07","date_gmt":"2021-06-01T19:35:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127199"},"modified":"2021-06-01T19:35:07","modified_gmt":"2021-06-01T19:35:07","slug":"dollar-edges-up-on-manufacturing-data-after-initial-softness","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-edges-up-on-manufacturing-data-after-initial-softness\/","title":{"rendered":"Dollar edges up on manufacturing data after initial softness"},"content":{"rendered":"

NEW YORK (Reuters) – 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.<\/p>

FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS\/Rick Wilking\/File Photo<\/figcaption>

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.<\/p>\n

The dollar initially traded lower on the report, in which ISM said manufacturing\u2019s growth potential continued to be hampered by worker absenteeism and temporary shutdowns because of shortages of parts and labor.<\/p>\n

The report suggests that supply issues in the manufacturing sector are having an impact on the economy as a whole, said Kathy Lien, managing director at BK Asset Management.<\/p>\n

\u201cIt\u2019s also telling us that the momentum that we saw in the beginning of the second quarter could be beginning to slow.\u201d<\/p>\n

The dollar index crept up 0.35% to 89.822, but was well off Friday\u2019s high of 90.447, when a measure of U.S. inflation closely watched by the Federal Reserve posted its biggest annual rise since 1992.<\/p>\n

The market bias is generally toward a softer dollar, said Vassili Serebriakov, FX and macro strategist at UBS.<\/p>\n

\u201cThe global recovery outside of the U.S. that was lagging in the first quarter because of the slow pace of vaccinations has now picked up, particularly in places like the euro zone and the UK,\u201d he said of recent dollar weakness.<\/p>\n

Hawkish signals from the central banks of some G10 countries, including Canada, Norway and New Zealand, have also added pressure to the greenback, he said.<\/p>\n

Britain\u2019s pound touched a three-year high of $1.425 during the Asian session, helped by remarks from a Bank of England policymaker last week pointing to a rate hike next year or sooner.<\/p>\n

The euro ticked up 0.05% to $1.2305, following data that showed euro zone inflation surged past the European Central Bank\u2019s target in May.<\/p>\n

\u201cThe next quarter\u2019s worth of inflation data is completely riddled with base effects and other temporary factors, so it\u2019s very hard for markets and policymakers to strip out the signal from that noise,\u201d said Simon Harvey, FX analyst at Monex Europe.<\/p>\n

Commodity-linked currencies were generally stronger versus the dollar as oil prices rose on expectations for growing fuel demand.<\/p>\n

The Organization of the Petroleum Exporting Countries and allies – known collectively as OPEC+ – agreed on Tuesday to stick to the existing pace of gradually easing oil supply curbs, as producers balanced anticipation of a recovery in demand against a possible increase in Iranian supply.<\/p>\n

The Canadian dollar reached a six-year high of 1.2010 per greenback, helped by the strength in oil, and data that showed Canada\u2019s economic growth in the first quarter remained robust.<\/p>\n

The Australian dollar was up 0.45% at 0.77625.<\/p>\n

Australia\u2019s central bank left its cash rate at record lows and reiterated its lower-for-longer policy stance, even as data showed the country\u2019s output was above its pre-pandemic level.<\/p>\n

China\u2019s 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.<\/p>\n

The offshore yuan was at 6.3817, up 0.11% on the day.<\/p>\n

In cryptocurrencies, bitcoin was down 2.66% at $36,348.78, while ether fell 1.21% to $2,566.90.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (Reuters) – The dollar edged<\/p>\n","protected":false},"author":3,"featured_media":127198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nDollar edges up on manufacturing data after initial softness - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/dollar-edges-up-on-manufacturing-data-after-initial-softness\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar edges up on manufacturing data after initial softness - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – The dollar edged\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/dollar-edges-up-on-manufacturing-data-after-initial-softness\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-01T19:35:07+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Dollar-edges-up-on-manufacturing-data-after-initial-softness.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-edges-up-on-manufacturing-data-after-initial-softness\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/dollar-edges-up-on-manufacturing-data-after-initial-softness\/\",\"name\":\"Dollar edges up on manufacturing data after initial softness - 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