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Dollar Loses Some Ground Against Major Counterparts

The U.S. dollar traded weak against most of its major counterparts on Tuesday amid rising bets the Federal Reserve will slow the pace of interest rate hikes in the coming months.

Data from Markit Economics showed the S&P Global US Manufacturing PMI increased to 46.8 in January of 2023 from 46.2 a month earlier. Still, the reading continued to point to another contraction in factory activity.

The dollar index, which dropped to 101.72 in the Asian session, climbed to 102.43 around mid morning before easing to 101.93, down 0.2% from the previous close.

Against the Euro, the dollar is weak at 1.0889, down 0.14% from Monday's close of 1.0874. The S&P Global Flash Eurozone PMI Composite Output Index, which gauges activity in the manufacturing and services sectors, increased to 50.2 from 49.3 in December, the highest level since June.

The dollar has firmed to 1.2340 against Pound Sterling from 1.2379.

Against the Japanese currency, the dollar has weakened to 130.18 yen after having firmed to 131.12 in the early New York session.

The dollar is weak at 0.7049 against the Aussie. Against Swiss franc, the dollar is slightly up, fetching CHF 0.9225 a unit, paring gains after having strengthened to CHF 0.9280 earlier in the day.

The Loonie moved in a very tight range and settled at 1.3371 against the dollar.

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