Key Points
NEW YORK (Reuters) The U.S. dollar was little changed to slightly higher against major currencies on Friday, as business activity data suggested that the worlds largest economy remained resilient, supporting expectations of another 25-basis-point interest rate increase by the Federal Reserve at next months policy meeting...
Overall, the dollar index was on track for its first weekly gain in nearly two months on rate increase expectations for May...
Data showed on Friday that S&P Globals flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month, the highest since May last year and followed a final reading of 52.3 in March..
The buck is no longer strongly supported by the Feds message on interest rate hikes and other currencies are flowing as a result of growing optimism globally about a second half of the year that will see not only lower inflation, but avoid too strong of a recessionary pressure, said Juan Perez, director of trading at Monex USA in Washington...
The yen was one of the stronger performers earlier in the session, rising to a one-week high against the dollar, amid data showing Japanese consumer inflation held steady above the central banks target in March..
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