US Dollar Stays Supported Over Optimism on US-China Trade Talks, Strong Manufacturing Data
The US dollar continues to remain supported into Tuesday over expectations of progress in the US-China trade war, following productive talks between the two countries’ trade teams last week. At the time of writing, the US dollar index DXY is trading at around 98.66.
The US dollar also strengthened following the release of US manufacturing PMI data on Monday, which revealed that the manufacturing activity expanded and touched a five-month high in September. According to IHS Markit, the US manufacturing PMI reading climbed to 51 in September from 50.3 in August, indicating expansion.
New orders and output grew at a robust pace, boosting the manufacturing activity in the US in September. However, all is not well yet in this sector of the US economy as overall rate of growth stayed around the weakest levels since the past three years, while new business dropped to the lowest levels since 2009.
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