DXY Continues to Decline Despite Positive Data

The U.S. Dollar (USD) is declining on Friday, nearing another weekly loss, despite data showing more progress in the economic recovery from the impacts of the coronavirus pandemic.

The Dollar Index (DXY) that measures the greenback against a basket of six major international currencies is down by 0.52% at 90.86.

The index is now near its daily low, after rising opening near 91.30, moving almost entirely in the negative territory.

Earlier today, data showed that factory activity in the U.S. improved in early April. The flash U.S. manufacturing purchasing managers’ index (PMI) rose to 60.6 in the first half of this month, data by IHS Markit showed.

This marked the best reading for the index on record since May 2007.

Meanwhile, new single-family home sales in the United States surged by 20.7% in March, to reach a seasonally adjusted annual rate of 1.021 million units, recording its highest level since August 2006, according to data by the U.S. Department of Commerce.