WASHINGTON (dpa-AFX) - The U.S. dollar drifted lower on Friday, weighed down by data showing a contraction in U.S. business activity in the month of July, due to a slowdown in the services sector.
Expectations of sharp interest rate hike, and some disappointing earnings updates supported the greenback at lower levels, limiting its downside a bit.
Data from Markit Economics showed that according to flash estimates the S&P Global US Composite PMI registered a score of 47.5 in July, down notably from 52.3 in June to signal a solid contraction in private sector output.
The S&P Global US Manufacturing PMI edged lower to 52.3 in July of 2022 from 52.7 in June, compared to market forecasts of 52, preliminary estimates showed.
The dollar index dropped to 106.11 and despite recovering to 106.60, remains in negative territory with a loss of about 0.3%.
Against the Euro, the dollar firmed to $1.0218 from $1.0230. In the Asian session, the dollar was quite stronger at $1.0132 against the Euro.
The dollar is slightly stronger against Pound Sterling at $1.1998.
Against the Japanese currency, the dollar weakened, fetching 136.07 yen a unit, nearly 1% less than 137.35 yen on Thursday.
The dollar firmed to 0.6925 against the Aussie from $0.6936. The Swiss franc strengthened to 0.9616 from 0.9668.
Against the Loonie, the dollar is up at C$1.2918 as oil prices fell sharply.
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