Uh, USD Rising Again?

thecekodok

 The US dollar traded higher in the European session as the market awaited some economic data releases in the New York session.


Against a basket of major currencies, the dollar index that measures the greenback's performance was trading at 103.60 at the time of writing.


Earlier, the currency king fell sharply from a two-month high it hit on Wednesday after data showed the US manufacturing and services sectors weakened further in August.


Similar weakness in economic activity in the European Zone and the UK was also on display, causing the euro and pound to trade under pressure despite erasing earlier losses.


The euro was traded little changed at around 1.0850 against the US dollar, while the pound currency depreciated at 1.2680 during the European session.



Meanwhile, the commodity-related currencies of the Australian, Canadian and New Zealand dollars declined slightly when the US dollar rose again.


The yen also showed weakness, pulling back from earlier gains to trade at around 145.45 against the greenback.


Markets are now focused on the release of durable goods orders data for July and the weekly US jobless claims report in the New York session.


Separately, the Turkish lira is also the focus of the market ahead of the interest rate decision by the Turkish central bank which is expected to raise it to 20% from 17.50%.

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