USD Gets Factory and Treasury Boost as EUR PMIs Lower

Rising Treasury yields and a mixed reading on eurozone manufacturing activity helped lift the dollar against major developed countries within the G-10, but it traded lower against several emerging-market rivals.

The yield on the 10-year Treasury touched a seven-week high earlier in the session before retreating slightly, helping to draw investors to the dollar, said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange.

The dollar remained higher, but came off its highs from earlier in the global day, as Treasury yields moved lower, Esiner said. The U.S. currency was little-changed after a report showed orders for goods produced at U.S. factories rose 2.1% in March, up from a 0.1% decline in February, but short of expectations for a 2.4% increase, according to a survey of economists conducted by MarketWatch.

via MarketWatch

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.