Home Economy Dollar gets respite from pick up in U.S. manufacturing before jobs report

Dollar gets respite from pick up in U.S. manufacturing before jobs report

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A set of US dollar banknotes are fanned out for a photo.

Igor Golovniov | SOPA Images | LightRocket via Getty Images

The dollar clung to small gains from overnight on Wednesday, edging back from near a five-month trough versus major peers, as a pick up in U.S. manufacturing kept bets alive for a quicker normalization of Federal Reserve policy.

The dollar index, which measures the greenback against six rivals, hovered just below 90 after dipping to as low as 89.662 on Tuesday and approaching the lowest since Jan. 7 at 89.533.

Likewise, the euro traded at $1.2222 after pulling back from near a multi-month top overnight, when it climbed to $1.22545.

Investors were also watching out the trajectory of China’s recently bullish yuan. It was last at 6.3798 per dollar in offshore trading, after retreating from the three-year high of 6.3526 reached on Monday as policy makers took steps to cool its advance including raising banks’ FX reserve requirements.

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