The American dollar ended higher than its chief counterparts on Monday. It was possible due to the frail economic data coming from the Euro Zone, which became the main concern for everybody, and also the technique in which the region's independent debt crisis is being handled.
In the early European morning trading, the dollar rose more than the Euro, with the EUR/USD shedding 0.47% to end at 1.3155. The introductory data revealed that the manufacturing activities in the Euro Zone have declined in the month of April, increasing at a very slow pace since June 2009. Markit, in its report, has revealed that the index of its preliminary manufacturing purchasing managers has fallen to a low of 46.0 in April from 47.7 in March. Financial experts had hoped that the index would end up at 48.2 in April. The report of Markit also reveals that the activity of the service sector in the Euro Zone has come down to its lowest level in 5 months in April.
The data has come after the report that shows that Germany's manufacturing activity has come down lower in April than what it was about 3 years ago. This has further increased the concern about the economic performance of the Euro Zone's biggest economy.
The poor performance of President Sarkozy in the first round of the vote for the French presidential election has also become one of the reasons for the uncertainty and the decline in the Euro.
However, the greenback was stable in opposition to the pound, with the GBP/USD slipping 0.14% to hit 1.6100.
On the other hand, the greenback was poorer in opposition to the yen but up against the Swiss franc, with the USD/JPY plummeting 0.52% to hit 81.09 and the USD/CHF adding 0.50% to hit 0.9135.
The greenback was largely elevated in opposition to its Australian, Canadian, and New Zealand counterparts, with the USD/CAD going up 0.32% to hit 0.9954, the AUD/USD receding 0.62% to hit 1.0314 and the NZD/USD dipping 0.71% to hit 0.8129.
Meanwhile the dollar index, which is used to trace the overall achievements of the greenback in opposition to the assortment of 6 other foremost currencies, was up by 0.27% at 79.49.
previous post
next post