NEW YORK, July 23 — The US dollar shrugged off early weakness to edge higher against a basket of currencies yesterday, after data showed US business activity shrank for the first...
NEW YORK, July 23 — The US dollar shrugged off early weakness to edge higher against a basket of currencies yesterday, after data showed US business activity shrank for the first time in nearly two years in July as a services slowdown outweighed manufacturing growth.
With a reading below 50 indicating business activity had contracted, it is a development likely to feed into a vocal debate over whether the US economy is back in — or near — a recession after rebounding sharply from the downturn in early 2020 at the start of the Covid-19 pandemic. Against a basket of currencies, the dollar was 0.1 per cent higher at 106.73. For the week the index was down 1.2 per cent.
“That’s a reflection of tighter financial conditions and also the fact that inflationary pressures remain elevated,” Rai said.“Even if the US economy does slow down somewhat I don’t think you can extrapolate some sort of medium term dollar weakness ... because we are seeing similar things elsewhere,” he said.
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