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American focus: dollar is strengthening
The dollar rose from a four-week low versus the euro after a U.S. factory gauge unexpectedly advanced in April, easing concern the economic recovery is flagging and damping bets the Federal Reserve will introduce more stimulus. The Institute for Supply Management’s index of U.S. manufacturing rose to 54.8 in April from 53.4 a month earlier, the Tempe, Arizona-based group’s report showed today.
Australia’s dollar slid against all of its major peers after the nation’s central bank cut interest rates more than forecast. The Aussie dollar dropped for a second day against the greenback after the Reserve Bank of Australia lowered its overnight cash rate target to 3.75 percent from 4.25 percent, the deepest cut in three years.
The pound fell after U.K. factory growth slowed. Sterling weakened versus the dollar after a report based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply showed U.K. factory output fell to 50.5 last month from a revised 51.9 in March. Data last week showed Britain’s economy re- entered a recession last quarter.
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