The US dollar fell against a range of major rivals on Tuesday, despite a better-than-expected advance in US economic data. The dollar index, which measures the strength of the greenback against the majors, fell 0.17%, to trade at 93.86 points.<\/p>\n
In the context of economic data, non-manufacturing ISM data for the month of May rose to 58.6 points, to beat the analysts’ expectations of 57.9 points. US job openings rose to 6.7 million in April, exceeding the number of unemployed, 6.3 million in the month, and economists’ expectations which were for 6.490 million.<\/p>\n
Demand for the USD continued as strong US employment data on Friday boosted expectations that the Federal Reserve will raise interest rates in June. It is widely expected that the Federal Reserve will raise interest rates at its next meeting, after previously raising the interest rate in March.<\/p>\n
The EUR \/ USD pair traded at $1.1721 per EUR, gaining 0.19%, pushing the greenback to further gains. The euro rose after Italian Prime Minister Conte insisted that the country’s exit from the euro area was not discussed. The single currency was also backed by data indicating that policy makers at the European Central Bank may announce their intention to stop buying assets at the end of their meeting next week.<\/p>\n
The euro fell to its lowest level on Tuesday amid new fears over various political developments in Italy. The single currency was under pressure after the prime minister’s speech in Italy’s new populist government, which raised the prospect of clashes with the European Union over economic policies.<\/p>\n
The euro was also lower against the yen, with EUR \/ JPY falling 0.34%, to 128.00 yen per euro.<\/p>\n
The dollar was not much changed against the Japanese currency, with the USD \/ JPY hitting 109.80 yen per dollar, continuing its recovery from a 5-week low of 108.10 reached on Tuesday.<\/p>\n
The GBP \/ USD rose 0.55% after the UK crucial services sector surpassed economists’ expectations. The USD \/ CAD rose 0.43% to trade at CAD1.2989 amid concerns about progress in the North American Free Trade Agreement (NAFTA) talks that President Trump wants separate discussions with Mexico and Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"
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