Is it safe to keep your cash in US Dollars? Think again.
The U.S. dollar fell from a three-week high against major currencies but the yen weakened on Monday after a report of a rise in U.S. manufacturing activity prompted a sell-off in safe-haven currencies. The U.S. manufacturing sector in September grew for the first time since May, getting a boost from new orders. Also giving risk appetite a boost was an increase in Germany's purchasing managers' index (PMI), which rose last month to its highest reading since March, although it was still below the 50-mark dividing expansion from contraction. "While the U.S. economy experienced a 'soft patch' in growth during Q3, today's report adds to evidence of a modest recovery," wrote Michael Woolfolk, senior currency strategist at BNY Mellon Global Markets in New York.