The dollar remained firm in late London trade Friday on further positive US economic data, analysts said.
The single European currency slipped to US$1.1616 from US$1.1622 late on Thursday in New York.
Against the yen the dollar firmed to ¥110.01 from ¥108.72 on Thursday.
The dollar got a boost from the Chicago purchasing manager's index (PMI) for last month, which met expectations at 55.0 points from 51.2 in September.
Any figure above 50 points indicates a business expansion.
"This report is stronger than it looks and is consistent with the industrial recovery gathering pace," Ian Shepherdson, chief US economist for High Frequency Economics, said in reference to the activity report.
Credit Agricole Indosuez currency strategist Mitul Kotecha added: "The surveys of manufacturing continue to point to strengthening output over the coming months and the Chicago PMI is no exception. The strength of orders and production are particularly positive in this respect."
In addition to a better-than-expected jump of 7.2 percent in US third-quarter GDP Thursday, Treasury Secretary John Snow's comments on the currency policies of China and Japan were more conciliatory than expected.
US data on Friday were also generally positive. Personal income rose 0.3 percent in September after an upwardly revised gain of 0.3 percent the month before, while consumer spending fell 0.3 percent following August's upwardly revised 1.1 percent increase.
US consumer sentiment was higher in October as well.
The University of Michigan's consumer sentiment index rose to 89.6 last month from 87.7 in September and surpassed a preliminary October reading of 89.4.
Both surveys backed growth figures on Thursday, which indicated that the US economy grew at an annualized rate of 7.2 percent in the third quarter, far better than a consensus estimate of 6.0-percent growth. It was the strongest quarterly figure in more than 19 years.
The only remaining doubt over the US economy's direction remains employment and next week's payroll data will therefore be examined closely.
Meanwhile, the pound was particularly strong on expectations that the Bank of England will raise interest rates 25 basis points next Thursday.
The euro was changing hands at US$1.1616 from US$1.1622 late on Thursday in New York, ¥127.79 (¥126.41), £0.6849 (£0.6850) and 1.5519 Swiss francs (Sf1.5492).
The dollar was being quoted at ¥110.01 (¥108.72) and 1.3355 Swiss francs (Sf1.3317).
The pound was at US$1.6959 (US$1.6969), ¥186.56 (¥184.43) and 2.2654 Swiss francs (Sf2.2606).
On the London Bullion Market, the price of an ounce of gold stood at US$386.25 against US$386.50 on Thursday afternoon.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
RSS