Equity rally fuels hopes for dollar rise

MARKET NEWS

NEW YORK -- A sustained rally in US equities could prove to be the only hope for the US dollar, following mixed US data last week.

The unit weakened to $0.9813 per euro on the back of poor manufacturing data last Thursday (August 15). The Philadelphia Federal Reserve index’s shock fall to -3.1 in August from 6.6 in July erased gains made on firming equity markets. With the collapse of new orders to -2.7 from 6.6, the data also eclipsed positive sentiment surrounding the successful filing of 8