Key Points
NEW YORK (Reuters) -The dollar climbed against a basket of currencies on Tuesday as a slew of fresh economic data highlighted the strength of the U.S. economy relative to the United Kingdom and the European Union...
U.S. business output ticked higher in October as the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures, S&P Global said on Tuesday...
It was the latest sign the U.S. economy is withstanding the surge in interest rates, spurred by the Federal Reserves campaign to beat back inflation...
The big picture still clearly remains intact, especially when you compare U.S. PMI to the concurrent releases out of the UK and the euro zone this morning, Helen Given, FX trader at Monex USA, said.. While all three PMI readings for the U.S. (manufacturing, services, and composite) were positive, both the UK and the euro zone showed contractions, re-emphasizing the continuing resilience of the larger U.S. economy in comparison to its peers around the world, she said.. Earlier on Tuesday, survey data showed that euro zone business activity took a surprise turn for the worst this month in a broad-based downturn across the region, suggesting the bloc may slip into recession...
Britains businesses reported another decline in activity this month and cost pressures cooled further, surveys showed on Tuesday, underlining the risk of recession...
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