Fri, 03 Dec 2021

U.S. dollar weakens on poor PMI reading

Xinhua
24 Nov 2021, 09:55 GMT+10

NEW YORK, Nov. 23 (Xinhua) -- The U.S. dollar declined slightly in late trading on Tuesday as the latest U.S. purchasing managers' index (PMI) fell short of expectation.

The dollar index, which measures the greenback against six major peers, fell 0.06 percent at 96.4841 in late trading.

The flash U.S. PMI composite output index for November stood at 56.5 in contrast with 57.6 in October and market expectation of 57.8, according to a release by IHS Markit on Tuesday morning.

Meanwhile, the preliminary Eurozone PMI composite output index rose to 55.8 in November from 54.2 in October and market expectation of 53.1, according to IHS Markit.

The solid gain in crude oil futures prices on Tuesday lent support to the Canadian dollar, which is closely tied to the performance of the oil industry.

In late New York trading, the euro was up to 1.1250 dollars from 1.1233 dollars in the previous session, and the British pound fell to 1.3381 dollars from 1.3385 U.S. dollars in the previous session. The Australian dollar was down to 0.7223 dollar from 0.7225 dollar.

The U.S. dollar bought 115.06 Japanese yen, higher than 114.94 Japanese yen of the previous session. The U.S. dollar was up to 0.9332 Swiss franc from 0.9331 Swiss franc, and it was down to 1.2682 Canadian dollars from 1.2697 Canadian dollars.

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