US dollar gains amid global growth fears

US dollar gains amid global growth fears

The US dollar rose as weak economic data from some major economies caused concerns over global growth, sparking demand for safe havens.

After accounting for seasonal factors, the IHS Markit Eurozone Manufacturing purchase management index (PMI) recorded a final reading of 51.4 in December, down from 51.8 in November, Xinhua news agency reported.

Although extending the current run of expansion to five-and-a half years, the latest PMI reading was the lowest seen since February 2016, said the data provider on Wednesday.

The dollar index, which measures the greenback against six major peers, increased 0.71 percent at 96.8145 in late trading.

In late New York trading, the euro decreased to 1.1344 dollars from 1.1459 dollars in the previous session, and the British pound fell to 1.2609 dollars from 1.2738 U.S. dollars in the previous session. The Australian dollar was down to 0.6997 dollar from 0.7048 dollar.

The US dollar bought 109.19 Japanese yen, lower than 109.67 Japanese yen of the previous session. The US dollar increased to 0.9903 Swiss franc from 0.9824 Swiss franc, and it decreased to 1.3585 Canadian dollars from 1.3635 Canadian dollars.

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Source: IANS