NEW YORK, Dec. 1 (Xinhua) — The U.S. dollar misplaced in late buying and selling on Friday, on dovish feedback from Fed officers and lower-than-expected manufacturing Purchasing Managers’ Index (PMI) for November.
The dollar index, which measures the buck in opposition to six main friends, fell 0.22 p.c at 103.2734 in late buying and selling.
The Institute for Supply Management (ISM) reported Friday that the manufacturing PMI remained regular at 46.7 within the earlier month, which fell beneath forecast consensus of 47.5 and marked the thirteenth consecutive month the place the PMI remained underneath 50, indicating a contraction in manufacturing. This period of consecutive months beneath 50 represented the lengthiest stretch for the reason that interval spanning from August 2000 to January 2002.
Federal Reserve Chair Jerome Powell on Friday pushed again on market expectations for aggressive rate of interest cuts forward, calling it too early to declare victory over inflation. “It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease. We are prepared to tighten policy further if it becomes appropriate to do so.”
However, markets moved increased following Powell’s remarks, with main averages constructive on Wall Street and the U.S. Treasury yields sharply decrease, dragging down the U.S. dollar. “Markets view today’s comments as inching toward the dovish camp,” mentioned Jeffrey Roach, chief economist at LPL Financial.
In late New York buying and selling, the euro was right down to 1.0872 {dollars} from 1.0890 {dollars} within the earlier session, and the British pound elevated to 1.2700 {dollars} from 1.2623 U.S. {dollars} within the earlier session.
Switzerland’s economic system grew by 0.3 p.c through the third quarter, the federal government mentioned on Friday, because the service sector helped offset stagnating manufacturing progress. Year on yr, the Swiss economic system grew 0.9 p.c, stronger than the 0.5 p.c forecast. The U.S. dollar was right down to 0.8694 Swiss francs from 0.8752 Swiss francs in late New York buying and selling.
Statistics Canada reported Friday that Canada’s economic system added a internet 24,900 jobs for the month, and its unemployment price rose to five.8 p.c, according to expectations. The U.S. dollar was right down to 1.3493 Canadian {dollars} from 1.3568 Canadian {dollars}, and it was right down to 10.3762 Swedish kronor from 10.4931 Swedish kronor. The U.S. dollar purchased 146.8800 Japanese yen, decrease than 148.1980 Japanese yen of the earlier session.