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02 Nov 2010

Dollar Up After U.S. and Chinese Manufacturing Data Strong

Dollar Up After U.S. and Chinese Manufacturing Data Strong

The euro traded at 1.3897 dollars around 2200 GMT, down from 1.3929 dollars late Friday.

 

Against the Japanese currency, the dollar rose slightly to 80.49 yen from 80.42 yen on Friday.

 

Traders took a pause ahead of U.S. Federal Reserve announcement on Wednesday that are expected to resume large-scale purchases of bonds in an effort to promote economic recovery is sluggish.

 

Investors also are on the tense and nervous ahead of U.S. elections on Tuesday and key government data on payment of monthly salaries and pegangguran on Friday, analysts said.

 

"The market has a lot to digest this week," said David Gilmore of Foreign Exchange Analytics. "People will feel much better having all the information on Friday."

 

Dollar gain encouragement from major industry survey menunjukka U.S. manufacturing unexpectedly rose in October, raising hopes for the latest quarter rose that can support economic recovery.

 

Institute of Supply Management said its purchasing managers index jumped to 56.9 percent from 54.5 percent in September, driven by strong increases in new orders and production.

 

The increase was much stronger than the 54.0 percent decline expected by most analysts.

 

The data comes after a report that China's manufacturing activity hit a six-month in October.

 

In late New York trading, the dollar was taken 0.9913 Swiss francs, up from 0.9825 on Friday.

 

The pound rose to 1.6042 dollars from 1.6022 dollars.

 

By        : David Gilmore (Foreign Exchange Analytics)

Source  : Antara

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