Reported 5 months ago
The dollar strengthened against the euro as U.S. business activity surged to its highest level in over two years in May, indicating an acceleration in economic growth in the second quarter. The S&P Global Composite PMI Output Index rose to 54.4, the highest since April 2022, reflecting expansion in the private sector. Additionally, improved data on American jobless claims suggested a robust labor market supporting the economy. Federal Reserve officials expressed confidence in easing price pressures but hinted at potential interest rate hikes if inflation surges. The euro and pound weakened against the dollar, while the Japanese yen and New Zealand dollar saw mixed movements. Ether, a cryptocurrency, rose amid speculation of potential U.S. spot exchange-traded fund approval.
Source: YAHOO