The US dollar fell against the euro today even though macroeconomic reports from the United States were relatively good. The greenback was able to rise against the Japanese yen as the market sentiment was not in favor of the Japanese currency.
The New York manufacturing index rose from 4.5 in February to 5.6 in March. The report indicated that “business conditions continued to improve for New York manufacturers, though activity grew slowly”. Industrial production and the capacity utilization rate also increased in February, while the growth of factory production was the largest since August.
The week started with a bit of a surprise as the geopolitical risks related to the tensions between Russia and Ukraine (and the West as well) did not affect the Forex market to any noticeable degree. As a result, the dollar was soft versus the euro, but was able to outperform the weak yen.
EUR/USD rose from 1.3905 to 1.3923 as of 23:30 GMT today. GBP/USD was flat near 1.6637. USD/JPY advanced from 101.26 to 101.82.
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