The US dollar gained on start of the North American Session on Tuesday backed by better US Factory data. The dollar index DXY which measures the greenback’s performance versus its major six rival currencies surged to 79.44 as compared to 79.152 on Monday’s late trading session.
The latest report released by US Commerce Department showing that factory data gained 0.7 percent in November surpassing all expectations which stood around increase of 0.1 percent.
Senior market analyst Andrew Wilkinson from Interactive Brokers commented, “The dollar ought to be on the wane as investors stretch to reach incremental yield elsewhere. But with signs that the domestic economy is once again expanding and ahead of the major nonfarm employment report due on Friday, there seems to be a revival in support for the dollar.”
The US dollar advanced versus the Japanese Yen to 81.94 as compared to 81.24 as on Monday. The Euro also gained 0.2 percent to 109.15 against the Japanese Yen whereas the Euro slightly declined versus the greenback to 1.3309 as compared to 1.3363 on Monday’s late trading session.
The Euro have been trading on much optimistic sentiments since the start of North American trading session on the latest data released by European Union’s statistics agency depicting that consumer price inflation increased to 2.2 percent in December as compared to 1.9 percent in the month of November.
The British Pound advanced 0.8 percent to 1.559 against the US dollar. Sterling moved up on the CIPS manufacturing PMI of 58.3 which happens to be the highest in last 16 years.
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Daily forex trading news written by Rehan from DailyForexTrade.com
