[1/2]Representations of cryptocurrency Bitcoin and U.S. dollar are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights
LONDON, Oct 24 (Reuters) – The dollar rose on Tuesday after briefly falling to a one-month low on the back of a drop in U.S. bond yields, as weak economic data sent the euro sliding.
Survey data showed that euro zone business activity took a surprise turn for the worse this month in a broad-based downturn across the region, suggesting the bloc may slip into recession.
The euro reversed course and was last 0.43% lower at $1.0624, having traded roughly 0.1% higher at $1.0684 before the data was released.
German data was particularly glum. The purchasing managers’ index survey showed that the service sector joined the beleaguered manufacturing sector in contractionary territory.
A drop in the euro bolstered the dollar index , which measures the U.S. currency against its major peers. The index was last up 0.33% at 105.95, after earlier falling to 105.35, the lowest since Sept. 22.
Jane Foley, head of FX strategy at…
