Commodity News
HeadLine : Dollar gets reprieve ahead of key U.S. factory survey
Date : Jan 3 2020
The dollar shook off recent weakness on Friday as dismal economic news from Europe and the UK weighed on major rivals, while figures due later in the session are expected to point to some improvement in U.S. manufacturing. Against a basket of currencies, the dollar snapped a six-session losing streak overnight to stand at 96.747 (DXY), up slightly from the recent six-month low around 96.355. It got a lift when surveys showed British factory output fell in December at the fastest rate since 2012, while the German manufacturing sector stayed deep in contraction. That took the shine off the pound, which eased to $1.3154 , from a $1.3266 top on Thursday. The euro slipped to $1.1173, from a peak of $1.1225, backing away from major chart resistance around $1.1249. Figures out Thursday showed jobless claims edged lower last week in a positive signal for the U.S. labor market. The resilience of employment is a major reason the Federal Reserve has signaled no more rate cuts will be needed in this cycle, leading markets to sharply scale back expectations of further policy easing.

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