RTTN: US Dollar Strengthens Against European Majors
(RTTNews) - During early European trading on Friday, the U.S. dollar showed strength against the European majors.
Asian and European stocks plunged today as U.S. stocks tumbled overnight after disappointing economic data heightened concerns about the world's largest economy.
U.S. stocks dropped sharply yesterday after an unexpected rise in jobless claims for the week ending August 14, and the Federal Reserve Bank of Philadelphia's manufacturing index turned negative in August, adding to investor concerns about the U.S. economy.
After a slight weakness in early European session, the greenback edged up sharply against the euro and is currently trading at a 4-day high of 1.2747. The euro-dollar pair closed yesterday's New York session at 1.2824.
Extending its previous session gains, the greenback advanced further against the British pound in European deals today. At 5:00 am ET, the dollar climbed to 1.5521 versus the sterling, which may be compared to Thursday's New York session close of 1.5602.
The dollar that touched a low of 1.0289 versus the Swiss franc at 3:00 am ET, reversed its direction thereafter. The greenback-franc pair that closed yesterday's New York session at 1.0323, rose to 1.0352 as of 5:00 am ET. The pair is now worth 1.0346.
The greenback extended its Asian session's choppy trading against the yen in early European deals on Friday. As of now, the dollar-yen pair is worth 85.54. The pair closed yesterday's trading at 85.40.
There are no major economic reports due for release from the U.S. today.
