In the currency market, the dollar moved strongly upward against the euro for a second straight day. Late Wednesday, the euro was trading at $1.5676 vs. $1.5784 on Tuesday.

“The U.S. dollar is broadly higher as the global markets and economy continues to pull back from the edge of the abyss that it was steering into a week ago,” wrote strategists at Brown Brothers Harriman.

The buck also benefited from a day in which the only bad news was the Fed’s Beige Book report, which had only four of 12 regional banks reporting stable, steady or improving growth. And inflation is bad, with all 12 districts reporting that prices are “elevated or increasing.”

Traders shrugged that off, instead looking across the pond, where the euro was buffeted by some poor numbers. Industrial orders across the eurozone posted a 3.5% monthly drop and a 4.4% annualized decline in May, according to Eurostat.

That was way worse than economists’ projections for a 2% monthly fall and a 1.7% annual gain.

Source: Dollar Rallies on Trouble in the Eurozone