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Barchart
Barchart
Rich Asplund

Dollar Gains as the Euro Falls on Weak Eurozone PMI Reports

Euro eurozone ECB Gold

The dollar index (DXY00) Monday rose by +0.32% and posted a 1-1/2 week high. Weakness in the euro Monday boosted the dollar after monthly Eurozone PMI reports missed expectations and hinted at a worsening slowdown in the Eurozone.  The dollar extended its gains on Monday’s stronger-than-expected U.S. July S&P manufacturing activity report.  Higher T-note yields on Monday also supported the dollar.

Monday’s U.S. economic news was mixed for the dollar.  On the positive side, the Jul S&P manufacturing PMI unexpectedly rose +2.7 to 49.0, stronger than expectations of a decline to 46.2.  Conversely, the Jun Chicago Fed activity index unexpectedly fell -0.4 to -0.32, weaker than expectations of an increase to -0.13.

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