US dollar dips amid economic data

The US dollar weakened in late trading on Tuesday as market participants digested a slew of economic data.

The dollar index, which measures the greenback against six major peers, was down 0.39 per cent at 96.6619.

In late New York trading, the euro rose to $1.1312 from $1.1260 in the previous session, and the British pound was up to $1.2522 from $1.2471 in the previous session, Xinhua reported.

The Australian dollar was up to $0.6936 from $0.6917.

The US dollar bought 106.47 Japanese yen, lower than 106.92 Japanese yen of the previous session. The US dollar decreased to 0.9444 Swiss franc from 0.9474 Swiss franc, and it rose to 1.3540 Canadian dollars from 1.3524 Canadian dollars.

US private sector firms signaled a slowdown in the rate of output contraction in June, as businesses began to reopen on a larger scale, according to a report released by London-based global information provider IHS Markit on Tuesday.

The IHS Markit Flash U.S. Composite PMI (Purchasing Managers’ Index) Output Index posted 46.8 in June, up from 37 in May.

Flash US Services Business Activity Index registered 46.7 in June while the Manufacturing PMI came in at 49.6, showed the report. A reading below 50 indicates contraction in the sector.