Dollar gains, euro slips further from parity - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 2022-09-07 오전 5:47:00
📰 SABCNews

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The dollar marched higher on Tuesday after a report on the US services industry in August reinforced the view that the economy was not in recession, while the euro and rate-sensitive Japanese yen continued to tumble.

The dollar index rose 0.557% after the Institute for Supply Management said its non-manufacturing PMI edged up to a reading of 56.9 last month from 56.7 in July, the second consecutive monthly increase after three months of declines.

While the dollar’s path of least resistance is upward, its strength will be challenged next week when the US Consumer Price Index for August is released, Chandler said. The correlation of the dollar-yen exchange rate with US yields has rebounded to near its strongest year-to-date level, HSBC said. The bank changed its forecast for the pair to 144 at the end of the third quarter up from 140 previously.

Britain’s incoming Prime Minister Liz Truss is considering a freeze on household energy bills to try to avert a winter cost-of-living crisis for millions of households, Reuters reported on Monday.

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