The Greenback strengthened against the Euro, following the Richmond Fed report of unexpected decline in its Manufacturing Index. The EUR/USD exchange rate lost 7 base points or 0.06% to rebound from the daily high of 1.1880.
The Federal Reserve of Richmond released its survey, showing that the manufacturing growth was slower over the month of December. The Manufacturing Index dropped to 20 from 30 in the reported month, being an additional sign for the Fed to keep interest rate hike plans in 2018. Meanwhile, markets remained on a cautions stance ahead of the New Year, with the US Dollar taking less attractive stand, which could be sustained until the Fed’s new President Powell takes the position.
