Dollar Rises Against Major Counterparts On Safe-haven Appeal
(RTTNews) - The U.S. dollar gained against its major counterparts on Tuesday on safe-haven appeal following the release of disappointing service sector data from China, and weak euro area business activity report.
A private survey showed China's service sector grew at the slowest pace in eight months in August largely due to weaker new business.
The Caixin services Purchasing Managers' Index slipped more-than-expected to 51.8 from 54.1 in July. The expected score was 53.6.
Elsewhere, disappointing data from the euro area and the U.K. also signaled waning consumer demand and pointed to more headwinds for the global economy.
Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services sector.
HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July's 48.6, marking the lowest level since November 2020.
The U.K. services PMI dropped to 49.50 from 51.50 in July, marking the lowest reading since January.
The dollar index rose to 104.91 before easing slightly to 104.80, still up with a strong gain of about 0.55%.
Against the Euro, the dollar firmed to 1.0723 from 1.0.796. The dollar is strong against Pound Sterling at 1.2565, gaining from 1.2628.
Against the Japanese currency, the dollar has firmed to fetch 147.69 yen a unit, rising from 146.48 yen.
The dollar is up against the Aussie at 0.6380, and strengthened to CHF 0.8897 against Swiss franc. Against the loonie, the dollar is up, fetching C$1.3643 a unit.
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