Dollar Rises on the Back of Positive Economic Data

The U.S. Dollar (USD) is rising on Friday, supported by positive economic data that showed an expansion in the output of the services and industrial sectors, registering fresh daily highs, after hitting its lowest level in roughly four months.

However, the greenback is yet to recover all of its weekly losses, which resulted from inflation concerns and expectations that the Fed might sooner rather than later begin raising interest rates.

The Dollar Index (DXY) that measures the greenback against a basket of six major international currencies is up by 0.31% 90.09, hitting a new fresh daily high.

Earlier today, the index was near its lowest level in about four months, falling to 89.65, after closing Thursday at 89.81.

For the week, DXY is down by about 0.25%.