The dollar was strong on Friday, taking advantage of a weak pound and euro. The greenback rose to a near eight-week high against the euro. US PMI data showed that the economy is still facing pressure.
US Manufacturing PMI fell to 51.7 in January of 2020 from 52.4 in December, below market expectations of 52.5. It was the slowest increase in factory activity in three months. However, Composite and Services PMI both rose above market expectations.
The Federal Reserve will release their interest rate decision on Wednesday and are expected to leave rates unchanged. Despite this, Fed Chair Jerome Powell said in the December meeting that officials would be watching data closely.
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