New York: The US dollar rose to a six-month high against the euro on Friday and was on track for a fifth week of gains, amid signs the US economic slowdown may be bottoming while growth in the euro zone stalls.
The dollar has rallied broadly, in particular rising more than fibe per cent against the euro this month, as investors shifted their view on the global economy’s ability to withstand a downturn initiated in the United States.
Data in the US on Friday showed an unexpected rise in manufacturing activity in the New York state area and an increase in industrial output and consumer confidence.
Meanwhile, reports on Thursday showed the euro zone economy contracted in the second quarter for the first time since the common currency’s inception.
A steep drop in commodity prices also have lent support to the dollar’s rally