Dollar falls slightly against euro, yen and pound sterling

The US dollar fell slightly against the euro, yen and pound sterling in trading on October 25, Report informs referring to Interfax.

The DXY index calculated by ICE, which shows the dollar’s performance against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), loses 0.06%, the broader WSJ Dollar Index – 0.05%.

The euro/dollar pair is trading at $1.0599, down from $1.0591 at the close of the previous session.

The day before, the US currency rose by 0.7% against the euro due to signals of growth in business activity in the US and a recession in the eurozone.

The composite purchasing managers’ index (PMI) in the US increased to 51 points in October from 50.2 points a month earlier, a preliminary report from S&P Global, which calculates PMI, showed. An index value above 50 points indicates an increase in business activity, below 50 points indicates a decline.

The industrial PMI in the US this month rose to 50 points from 49.8 points in September, the service sector indicator grew to 50.9 points from 50.1 points.

Meanwhile, in the eurozone, the composite PMI fell to 46.5 points in October from 47.2 points in October, Hamburg Commercial Bank (HCOB) and S&P Global said in a preliminary report. The October index value was the lowest since November 2020.

Traders’ attention this week is focused on the meeting of the European Central Bank (ECB), the results of which will be announced on October 26. Traders do not expect further tightening of monetary policy by the European Central Bank, given signals of the ongoing decline in business activity in the region.

The pound stood at $1.2161 on October 25, down from $1.2159 the day before.

The dollar/yen pair is trading at 149.85 yen compared to 149.91 yen the day before, and the dollar/yuan pair is trading at 7.3119 yuan compared to 7.3103 yuan at the close of the previous session.

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