MY: Dollar rises sharply vs euro on US economy news
WASHINGTON — The dollar is rising sharply against the euro and Japanese yen on signs of strength at U.S. factories and in the broader economy.
The Federal Reserve Bank of Philadelphia says manufacturing grew in that region for the first time in three months, a sign that factories are ramping up after a slow summer.
A separate gauge of future economic activity crept upward, signaling modest growth in coming months.
A strong U.S. economy helps the dollar by boosting U.S. investments. Traders can use dollars to buy stocks and corporate bonds.
The euro, meanwhile, is suffering from uncertainty over the ability of European leaders there to solve their debt crisis.
The euro fell to $1.3704 at 10:58 a.m. Eastern time from $1.3767 late Wednesday. The dollar rose against the yen.