NEW YORK, Sept 1 — The dollar index hit a 20-year high today, and notched a 24-year peak against the rate-sensitive Japanese yen, after US data showed a resiliently strong economy, giving the Federal Reserve more room to aggressively raise interest rates to curb inflation.
Data from the Institute for Supply Management showed US manufacturing grew steadily in August as employment and new orders rebounded, while a further easing in price pressures strengthened expectations that inflation has likely peaked. “Even after hitting fresh records, USD strength has scope to extend somewhat further, boosted by the global slowdown and the European energy crunch in particular,” said analysts at Generali Insurance Asset Management.
Manufacturing activity across the euro zone shrank for a second month in August, according to a survey, mirroring a slump in factory activity around the world, and while European energy costs have softened slightly this week, they remain at highly elevated levels.
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