City of invest.comThursday, August 24, 2023, the dollar index which measures greenbacks against six main rivals, it was down 0.14 percent at 103.4197 at the end of the session.
S&P Global reported that the preliminary U.S. composite PMI, which tracks the manufacturing and services sectors, fell to 50.4 in August from 52 in July. This is the biggest drop since November 2022.
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The data could be viewed positively by the Federal Reserve, which wants to see subdued activity to bring inflation down. The US Dollar came under pressure and erased its daily gains after the PMI data.
European PMIs also collapsed
On the other hand, the Eurozone PMI also saw a decline to 47 in August from 48.6 in July, released earlier.
The services sector PMI fell from 50.9 in July to 45.2 in August, the first time it has fallen below 50 this year.
At the close of trading in New York, the euro rose to $1.0858 from $1.0852 the previous session, and the pound fell to $1.2716 from $1.2738.
The US Dollar bought 144.7830 Japanese Yen, down from 145.8630 Japanese Yen in the previous session. The US dollar fell to 0.8778 Swiss francs from 0.8800 Swiss francs, and it fell to 1.3542 Canadian dollars from 1.3552 Canadian dollars. The US dollar fell to 10.9193 Swedish kronor from 10.9374 Swedish kronor.
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