Dollar Charges Ahead Versus Euro And Sterling Despite Grim Outlook For US Economy
(RTTNews) - The dollar gained on the euro and sterling but gave back its early gains versus the yen on Tuesday in New York. Markets worldwide were roiled when US data from the Institute of Supply Management revealed that activity in the service sector unexpectedly contracted for the first time since March of 2003.
The ISM said that its index of activity in service sector fell to 41.9 in January from a revised 54.4 in December, with a reading below 50 indicating contraction in the sector. Economists had expected the index to edge down to 53.9. The data prompted many analysts to predict that the US economy was entering a prolonged period of recession.....
Read More (full story) : Dollar Charges Ahead Versus Euro And Sterling Despite Grim Outlook For US Economy
(RTTNews) - The dollar gained on the euro and sterling but gave back its early gains versus the yen on Tuesday in New York. Markets worldwide were roiled when US data from the Institute of Supply Management revealed that activity in the service sector unexpectedly contracted for the first time since March of 2003.
The ISM said that its index of activity in service sector fell to 41.9 in January from a revised 54.4 in December, with a reading below 50 indicating contraction in the sector. Economists had expected the index to edge down to 53.9. The data prompted many analysts to predict that the US economy was entering a prolonged period of recession.....
Read More (full story) : Dollar Charges Ahead Versus Euro And Sterling Despite Grim Outlook For US Economy