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Dollar higher as US business activity ticks up in October

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NEW YORK, Oct 24 - The dollar climbed against a basket of currencies on Tuesday as a slew of fresh economic data highlighted the strength of the U.S. economy relative to the United Kingdom and the European Union.

The dollar index , which measures the currency's strength against a basket of six rivals, was 0.6% higher at 106.19. The index had slipped to a one-month low of 105.35 earlier in the session. Earlier on Tuesday, survey data showed that euro zone business activity took a surprise turn for the worst this month in a broad-based downturn across the region, suggesting the bloc may slip into recession.German data was particularly glum. The purchasing managers' index survey showed that the service sector joined the manufacturing sector in contractionary territory.

The dollar was last up 0.1% at 149.875 yen , keeping traders nervous about possible government intervention to prop up the Japanese currency.

 

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