NEW YORK: The dollar rose against the euro on Tuesday after data showed US business activity contracting for the seventh straight month in January but with signs the downturn was moderating.
While US business activity shrank in January, the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began.
The dollar extended its gains against the euro but remained near 9-month lows hit in the previous session. The euro was 0.17% lower at $1.0852, just shy of the 9-month high of $1.0927 touched on Monday.
The euro itself was supported through the day after euro area data on Tuesday reinforced the view that the economy was weathering a winter of intense price pressures reasonably well, analysts said.
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