US PMI Surge Boosts Dollar as Global Markets React ...Middle East

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US PMI Surge Boosts Dollar as Global Markets React
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The dollar pared losses against the euro after data showed U.S. business activity accelerated to the highest level in just over two years in May, suggesting that economic growth picked up half-way through the second quarter. S&P Global said on Thursday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, jumped to 54.4 this month. That was the highest level since April 2022 and followed a final reading of 51.3 in April.

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