U.S. Dollar Advances On Growth Concerns

(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Tuesday amid risk aversion, as weak manufacturing PMI data from Asia and Europe revived growth worries.

The HCOB Eurozone Manufacturing PMI fell to 42.7 in July from 43.4 in the previous month, marking the lowest in three years.

U.K. factory output fell at the fastest pace in seven months in July, hit by higher interest rates while British retail sales fell in July at the fastest rate since April 2022, separate reports showed.

German unemployment rate fell unexpectedly in July, while the euro area unemployment rate held steady at 6.4 percent in June versus 6.5 percent expected.

The German DAX fell 0.73 percent, France's CAC 40 shed 0.68 percent and the U.K.'s FTSE 100 was down at 0.06 percent.

The greenback climbed to 1.0965 against the euro and 1.2809 against the pound, setting 4-day highs. The currency may challenge resistance around 1.08 against the euro and 1.24 against the pound.

The greenback advanced to a fresh 3-week high of 142.84 against the yen and near a 3-week high of 0.8758 against the franc, off its early lows of 142.21 and 0.8700, respectively. The currency is seen facing resistance around 145.00 against the yen and 0.90 against the franc.

The greenback edged up to 0.6152 against the kiwi, reversing from an early 5-day low of 0.6216. On the upside, 0.60 is seen as its next resistance level.

The greenback appreciated to a 4-day high of 0.6625 against the aussie and a 3-week high of 1.3264 against the loonie, from its early 5-day lows of 0.6723 and 1.3179, respectively. The greenback is likely to face resistance around 0.64 against the aussie and 1.34 against the loonie.

Looking ahead, PMI reports from U.S. and Canada for July are slated for release in the New York session.