The USD will increase then recover.
S&P Global said on October 24 that US business output increased higher in October, as the manufacturing sector escaped a five-month decline, due to increased new orders and translation activities. The case accelerated slightly, in the context of cooling inflation pressures.
That is the latest sign that the US economy is standing firm in the face of interest rate increases - part of the US Federal Reserve's (Fed) campaign to curb inflation.
Helen Given, Forex Trader at Monex USA said: “While all three US PMIs were positive, the UK and Eurozone numbers both showed contraction, re-emphasizing the possibility The resilience of the US economy compared to other economies in the world.
Previously, survey data showed that business activity in the euro area took an unexpected turn for the worse this month, amid a widespread recession across the region. The Euro fell 0.8%, to $1.0588.
Meanwhile, the Bank of England will set interest rates at its policy meeting next week, following the Fed's decision on November 1. The European Central Bank meeting ends tomorrow, October 26, with traders expecting all three central banks to keep interest rates stable.
“October PMI surveys suggest that economic activity got off to a rather tepid start in Q4, especially in Europe,” said Capital Economics global economist Ariane Curtis.
Global financial markets have been hit by a rise in US bond yields, which pushed the benchmark 10-year Treasury yield above 5% on October 23 - the highest since July 2007. Rising yields pushed the DXY index to a nearly one-year high earlier this month.
The dollar rose 0.1% against the Japanese yen, currently at 149.91 yen, leaving traders worried about possible government intervention to support the Japanese currency.
The British pound closed the session at 1.2161 USD, down 0.72%. Surveys on October 24 showed that British businesses reported another contraction this month and cost pressures continued to cool, pointing to the risk of a recession.
That is the latest sign that the US economy is standing firm in the face of interest rate increases - part of the US Federal Reserve's (Fed) campaign to curb inflation.
Helen Given, Forex Trader at Monex USA said: “While all three US PMIs were positive, the UK and Eurozone numbers both showed contraction, re-emphasizing the possibility The resilience of the US economy compared to other economies in the world.
Previously, survey data showed that business activity in the euro area took an unexpected turn for the worse this month, amid a widespread recession across the region. The Euro fell 0.8%, to $1.0588.
Meanwhile, the Bank of England will set interest rates at its policy meeting next week, following the Fed's decision on November 1. The European Central Bank meeting ends tomorrow, October 26, with traders expecting all three central banks to keep interest rates stable.
“October PMI surveys suggest that economic activity got off to a rather tepid start in Q4, especially in Europe,” said Capital Economics global economist Ariane Curtis.
Global financial markets have been hit by a rise in US bond yields, which pushed the benchmark 10-year Treasury yield above 5% on October 23 - the highest since July 2007. Rising yields pushed the DXY index to a nearly one-year high earlier this month.
The dollar rose 0.1% against the Japanese yen, currently at 149.91 yen, leaving traders worried about possible government intervention to support the Japanese currency.
The British pound closed the session at 1.2161 USD, down 0.72%. Surveys on October 24 showed that British businesses reported another contraction this month and cost pressures continued to cool, pointing to the risk of a recession.
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