Dollar up after data signals brighter outlook for U.S. business activity

Published by
Reuters UK

By Saqib Iqbal Ahmed NEW YORK (Reuters) – The dollar rose against the euro on Tuesday after data showed U.S. business activity contracting for the seventh straight month in January but with signs the downturn was moderating. While U.S. business activity shrank in January, the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began. “It just looks like another piece of data showing what the Fed has been preaching: the economy is resilient enough to take on more hikes,” said Juan Perez, di…

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