Global currencies: the euro strengthens against the dollar with PMIs and immunization

Global currencies: the euro strengthens against the dollar with PMIs and immunization

The dollar fell against the currencies of advanced economies on Friday, with the euro strengthening in particular after the purchasing manager indices (PMIs) of the euro zone countries indicated a recovery in the region’s economy. The prospect of a better vaccination on the continent also boosted the common currency.

In this scenario, the Dollar Index (DXY), which measures the change in the dollar compared to six other strong currencies, closed 0.52% lower, at 90.859 points. Over the course of the week, the index was down 0.76%. In the late afternoon in New York, the euro rose at $ 1,200, at this level for the first time since March 3. On the other hand, the pound rose to $ 1.3887, and the dollar fell to 107.88 yen.

Today, the composite PMIs for the manufacturing and services sector in the Eurozone were released, with a higher increase than that forecast by analysts I consulted. The Wall Street Journal. While the services sector returned to the level of 50 points at 50.3, which indicates the expansion of the sector, the industrial sector recorded a record high of 63.3 points.

For Bert Cullen, chief economist at ING, the results indicate that the European economy is heading towards a sudden recovery, with a focus on the manufacturing sector, whose expansion is only limited by supply constraints.

Also, the UK PMIs were released today, causing the British Pound to move in the same fashion as the Euro. The British currency appreciated against the dollar after the composite PMI, which includes industries and services, advanced 60.1 points in the preliminary reading for April, the highest level in more than seven years.

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The news related to the COVID-19 vaccination in Europe boosted the Euro today as well. The European Medicines Agency (EMA) has strengthened its recommendation to use AstraZeneca immunosuppressants on the continent, stating that the benefits of the product outweigh the risks for all ages, after rare cases of blood clots were reported in people who got the vaccine. .

Additionally, European Commission President Ursula von der Leyen said she expects at least 70% of adults living in European Union countries to be vaccinated by July. This estimate comes even with recent delays in immunization on the continent.

The Russian ruble is most prominent against the dollar among today’s emerging currencies. The dollar slipped to 75,022 rubles near the close of the New York market, after Russia’s central bank raised its benchmark interest rate from 4.5% to 5.0%, leaving the possibility of more bullish adjustments in upcoming meetings.

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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