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Barchart
Rich Asplund

HISTORICAL FACTS: Euro weakness boosts the dollar to a 2 year high - The Untold Story

Euro ECB BOJ eurozone United States Economy SP Ukraine University of Michigan

The dollar index (DXY00) Friday rose by +0.55% and posted a 2-year high. Friday’s weaker-than-expected Eurozone economic news signals a struggling European economy that is weighing on the euro to the dollar’s benefit.  The dollar extended its gains Friday after the US Nov S&P manufacturing and service PMIs increased.  Gains in the dollar were limited after the University of Michigan US Nov consumer sentiment index unexpectedly declined.

The US Nov S&P manufacturing PMI rose +0.3 to a 4-month high of 48.8, slightly weaker than expectations of 48.9.  The Nov S&P services PMI rose +2.0 to 57.0, stronger than expectations of no change at 55.0 and the strongest pace of expansion in 2-1/2 years. 

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