Illustration of the American dollar. Photo: MI
New York: The US dollar exchange rate strengthened late Tuesday local time as economic data from the European Union, Britain and Japan boosted the American currency.
According to Xinhua, Wednesday September 6, 2023, the dollar index, which measures greenbacks Against six other major currencies, it rose 0.66 percent to 104.8080 in late trading.
The final Hamburg Commercial Bank (HCOB) Composite Purchasing Managers’ Index (PMI), released Tuesday by S&P Global, fell to 46.7 in August from 48.6 in July, the lowest since November 2020.
“The eurozone did not enter recession in the first half, but the second half will present greater challenges,” said Cyrus De La Rubia, chief economist at Commercial Bank Hamburg.
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“The disappointing figures have contributed to the downward revision of GDP which now stands at -0.1 percent for the third quarter,” he said.
The euro is weakening
By the end of trading in New York, the euro fell to $1.0721 from $1.0795 in the previous session, and the pound sterling fell to $1.2566 from $1.2631.
The US dollar bought 147.7660 Japanese yen, higher than 146.4900 Japanese yen in the previous session. The US dollar rose from 0.8842 Swiss francs to 0.8896 Swiss francs, and to 1.3638 Canadian dollars from 1.3593 Canadian dollars. The US dollar rose from 11.0071 Swedish crowns to 11.1026 Swedish crowns.
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