Encouraging U.S. economic data gave the dollar an edge over its peers on Friday,...
SINGAPORE - Encouraging U.S. economic data gave the dollar an edge over its peers on Friday, arresting a recent flight from the greenback while also supporting Asian currencies as investors toned down recent gloom over the global economy.
Separate surveys suggested the world’s largest economy is in better shape than investors had feared. U.S. service sector activity accelerated in August and private employers boosted hiring beyond expectations. “Stronger than forecast employment, factory orders and productivity numbers contradicted the recent ‘slowing U.S. economy’ narrative,” said Michael McCarthy, chief strategist at brokerage CMC Markets in Sydney.and against a basket of currencies clambered off a one-week low to hold flat around 98.419.
“Investors are now hoping they can take this week’s positivity over the finishing line, so fingers crossed the August U.S. payroll report...doesn’t throw a damp towel on the proceedings,” said Stephen Innes, Asia Pacific Market Strategist at AxiTrader.
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