Dollar Rises to Highest Since Early March After PMI
A gauge of the dollar edged higher after data showed US manufacturing slipped back into a contraction. The yen was the worst performer among Group-of-10 currencies after weak Japanese PMI data and as traders embraced riskier assets.
Bloomberg’s Dollar Spot Index was up 0.1% to its highest since March 6 and Treasury yields rose; the gauge earlier slid as much as 0.2% on reports that President Donald Trump’s tariffs will be more targeted
MUFG analyst Lee Hardman said he expects the markets to be relieved at the report and that it “should help to further dampen upside risks for the US dollar from President Trump’s upcoming tariff announcements”
EUR/USD fell 0.2% to 1.0794, reversing its earlier gains from euro-zone PMI data
GBP/USD fell 0.1% to 1.2913
CAD/USD rose 0.3% to 0.6992 on the reports that US tariffs might be targeted
USD/JPY rose 0.9% to 150.63 after after Japan’s March PMI data came in unexpectedly low
BOJ’s Deputy Governor Shinichi Uchida said the central bank will raise rates if the economic outlook is realized, while the nation’s finance minister warned it’s too early to declare victory over deflation.
Source: Bloomberg
