USD hurt by New York manufacturing data

Story link: USD hurt by New York manufacturing data

The US dollar was hurt Monday by the news that the New York Federal Reserve’s general economic index, which tracks manufacturing activity in the region, fell to minus 8.7 in June, with any reading lower than zero showing contraction, after being at minus 3.2 in May.

The greenback was down versus the euro but had risen back to Friday’s close at $1.5480 by close to noon in New York.

A new rise in the price of crude oil also hurt the dollar, especially against currencies from oil-producing regions.

The Canadian dollar was higher versus the dollar, to C$1.0217 to the greenback in late morning trade while the Norwegian krone traded at kr5.1760 to the dollar.

The yen saw declines as investors showed more enthusiasm for risky carry trades financed with the Japanese currency.

While the yen traded close to even versus the US dollar at ¥108.1750, while it dropped to ¥167.4603 to the euro, to ¥212.4991 to the pound and to ¥81.388 to the New Zealand dollar.

The pound was stronger versus the dollar and the euro on the possibility that UK inflation in May was above the target set by the Bank of England.

It took $1.9644 to buy a pound, while the British currency was at 78.81p to the euro.