NEW YORK (Reuters) – The U.S. dollar on Friday gained against the euro for the first week since mid-June after data showed a strong uptick in U.S, business activity, while the single currency was held down as an August batch of European business surveys pointed to a stuttering economic recovery.
FILE PHOTO: A man is seen in front of a sheet of five Euro notes at the opening of the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne
U.S. business activity snapped back to the highest since early 2019 this month as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country.
“The Markit PMI flash readings show the U.S. is outperforming Europe,” said Edward Moya, senior market analyst at OANDA in New York.
The data contrasted with weakness