Dollar cuts loss vs euro as US business activity quickens in May

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NEW YORK, May 23 - The dollar pared losses against the euro after data showed U.S. business activity accelerated to the highest level in just over two years in May, suggesting that economic growth picked up half-way through the second quarter.

"Given the FOMC comments the market is still exaggerating the chances of two rate cuts this year," Chandler said, noting that the unwinding of rate cut bets would keep the dollar supported in the near term. The pound was steady near a two-month high against the dollar at $1.2714, largely unmoved after Prime Minister Rishi Sunak on Wednesday called a national election, which his Conservatives are widely expected to lose to the opposition Labour Party after 14 years in power. However, sterling options volatility for the period covering the July 4 election did rise.

The corporate sector in Japan has been grappling with the weak yen, and nearly half of Japanese firms find the yen's slide beyond 155 to the dollar harmful to their business, roughly double the percentage of those who see the currency's weakness as a positive, a Reuters survey showed on Thursday.

 

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