WASHINGTON (dpa-AFX) - The U.S. Dollar value inched higher as supply-disruption concerns on crude oil due to the continued blockade of Strait of Hormuz, pushed inflationary pressures higher despite U.S. extending the ceasefire on Iranian attacks.
The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 98.73, up by 0.12 (or 0.12%) today.
In the U.S., the S&P Global Manufacturing Purchasing Managers' Index climbed to 54.00 in April, up from 52.30 in March, according to preliminary data. The Services PMI rose to 51.39 in April from 50.30 of the previous month.
U.S. Department of Labor's record showed that the number of people claiming unemployment benefits rose by 6,000 to 214,000 for the week ending April 18.
Continuing jobless claims increased to 1,821,000 for the week ending April 11 from 1,809,000 of the previous week.
While against the Euro, USD was trading at 1.168, up by 0.17%, against the GBP, it was trading at 1.346, up by 0.26%.
Against the USD, the Japanese Yen was trading at 159.717, down by 0.17%.
The S&P Global Manufacturing PMI for Japan increased to 54.90 in April from 51.60 in March, according to the preliminary estimates. The Services PMI slipped to 51.20 in April from a final 53.40 of the previous month.
The Swiss Franc was trading at 0.786, up by 0.21%; and the Canadian Dollar was trading at 1.370, down by 0.20%.
Against one unit of Australian Dollar, USD was trading at 0.713, up by 0.44%.
The S&P Global Australia Manufacturing PMI increased to 51.00 in April from a final 49.80 of the previous month, according to flash data. The Services PMI Business Activity Index climbed to 50.39 in April from a final 46.30 of the previous month,
The ongoing gulf crisis continued to push oil prices higher. The conflict has entered day number 55, and is in its eighth week.
Despite U.S. President Donald Trump's extension of ceasefire on all attacks on Iran, the crisis is still brewing as Iran refuses to take part in any negotiation process as long as the U.S.-enforced blockade on Iranian ports remains.
The U.S. Central Command has so far turned back nearly 31 vessels across the Strait of Hormuz.
Both the U.S. and Iran have separately claimed taking control of the Strait of Hormuz adding to the uncertainty.
Trump ordered a 'shoot at sight' directive on any boat linked to Iran approaching the strait suspected of laying sea mines across the strait.
Trump added that minesweepers are actively engaged in cleaning up the strait of all 'mines' planted by Iran already.
According to the CME Group's FedWatch Tool, investors are betting at a 99.50% chance that the U.S. Federal Reserve will hold the interest rates unchanged in its upcoming meeting on April 28-29.
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