Dollar rises against major currencies on stronger US economy
Encouraged by positive news about the U. S. economy, the dollar jumped against the basket of world's major currencies on Thursday.
The dollar jumped from 76.78 yen late Wednesday to 76.85 yen at 3:06 p. m. on Thursday. Shortly after noon Eastern Time, it climbed to 76.94 yen.
The jump was mainly due to recovery reported by the U. S. manufacturers. The Federal Reserve Bank of Philadelphia announced that manufacturing in the region grew for the first time in three months. The bank's index of regional manufacturing climbed from -17.5 in September to 8.7 October.
The Conference Board's index of most important economic indicators jumped 0.2 per cent, which alleviated fears of another economic slump.
Euro also gained after France and Germany announced plans to hold a second crisis summit next week. The Euro climbed from $1.3747 late Wednesday to a high of $1.3777 on Thursday.
The Euro has been under intense pressure due to prevailing uncertainty about the ability of eurozone countries to solve their debt crisis. A number of experts fear that the proposed second bailout will not be sufficient to prevent the Greece's international lenders from slipping into bankruptcy.
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