10:32 AM EDT, 06/21/2024 (MT Newswires) -- The US dollar rallied back to fresh intraday highs against many major currencies in early North American trade on Friday after the S&P Global Purchasing Managers' Index, or PMI, surveys surprised on the upside of expectations for June, led by the services sector.

EUR/USD and GBP/USD fell briefly to new intraday lows around 1.0678 and 1.2621 respectively, while USD/JPY reached two-month highs around 159.20 and USD/CAD spiked to 1.3919 before handing back gains.

Dollar pairs were lifted when the S&P Global Composite PMI rose to 54.6, from 54.5, in June following a sharp uptick in the services index and a further recovery of the manufacturing index.

The S&P Global Services PMI rose to a 13-month high of 55.1 in June, from 54.8 previously, when it had been expected to fall to 53.4. The Manufacturing PMI, meanwhile, climbed to 51.7 from 51.3 when it had been expected to fall to 51.0.

Knee-jerk dollar gains faded quickly, however, and perhaps owing to a fall in the price indexes of both surveys that signaled a continued moderation of inflation pressures in June.

Selling price inflation fell to a five-month low in June while input price inflation also cooled following an uptick in May.

Both indexes remained above long-term averages, however, owing to rising shipping costs and elevated wage pressures.