Dollar higher, US business activity ticks up in October - SABC News - Breaking news, special reports, world,

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The dollar climbed against a basket of currencies on Tuesday

as a slew of fresh economic data highlighted the strength of the US 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 big picture still clearly remains intact, especially when you compare US PMI to the concurrent releases out of the UK and the euro zone this morning,” Helen Given, FX trader at Monex USA, said.

Global financial markets have been gripped by a surge in US bond yields, which on Monday pushed the all-important 10-year Treasury yield above 5% to its highest since July 2007.The yield then dropped sharply later on Monday. The European Central Bank’s meeting ends this Thursday, with traders expecting all three central banks to hold rates steady.

 

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