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Forex News: U.S. Dollar Advances Amid Solid PMI Data

U.S. Dollar Advances Amid Solid PMI Data

05/23/2024 - 12:36:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Thursday, as the nation's business activity accelerated sharply in May, its highest level since April 2022.

Flash survey results from S&P Global showed that the composite output index rose to 54.4 from 51.3 in the previous month. The expected score was 51.1.

The manufacturing PMI increased to 50.9 from 50.0 in the prior month. Economists had forecast the index to remain unchanged.

The services PMI advanced to 54.8 in May from 51.3 in April. The reading was expected to remain unchanged.

Data from the Labor Department showed that first-time claims for U.S. unemployment benefits fell more than expected in the week ended May 18.

Initial jobless claims slid to 215,000, a decrease of 8,000 from the previous week's revised level of 223,000.

Economists had expected jobless claims to edge down to 220,000 from the 222,000 originally reported for the previous week.

The greenback recovered to 0.6618 against the aussie and 0.6101 against the kiwi, off its early lows of 0.6653 and 0.6133, respectively. The currency is likely to locate resistance around 0.64 against the aussie and 0.58 against the kiwi.

The greenback rebounded to 1.2701 against the pound and 0.9152 against the franc, from its early lows of 1.2746 and 0.9126, respectively. The greenback may challenge resistance around 1.24 against the pound and 0.93 against the franc.

The greenback climbed to a fresh 3-week high of 157.19 against the yen and a 2-week high of 1.3704 against the loonie, reversing from its early lows of 156.50 and 1.3656, respectively. The greenback is seen finding resistance around 159.5 against the yen and 1.38 against the loonie.

The greenback rose back to 1.0820 against the euro. This may be compared to a previous 8-day high of 1.0812. Next key resistance for the currency is seen around the 1.06 level.

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