The US ISM manufacturing PMI fell into contraction Friday, with all of the major components falling and/or missing expectations. The impact of the report sent H4 flow through 1.14, though swiftly pared gains at 1.1408 as the dollar recovered, buoyed by increasing US Treasury yields.
Underpinned by a better-than-expected US growth reading as well as an upbeat Chicago PMI, the US dollar index advanced to a high of 96.28 Thursday, registering its second consecutive daily gain.
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The value of the euro weakened against its US counterpart Wednesday, snapping a two-day bullish phase. A revival of USD bidding, driven by advancing US Treasury yields, weighed on the EUR/USD.
Pressured by declining US Treasury yields, the US dollar Index (calculated by factoring in the exchange rates of six major world currencies) extended losses Tuesday, shaking hands with its lowest level in three weeks at 95.95.
