UK Services PMI Growth Rate Reached More Than 6-Year High

6 August, 2013

The US dollar was traded on Monday downwards against most major currencies despite service PMI growth. The pressure was put by the Friday labor market report that turned out worse than expected, which may make the Fed put off the start of QE tapering off. ISM Non-Manufacturing PMI rose significantly in July having reached the level of 56 p. (the highest since February) from June reading of 52.2 p. while a growth to 53.1 p. was forecasted. PMI, prices and new orders showed the highest growth while employment decreased by 1.5 p., which has become a negative moment.  

The pound grew amid a significant increase in the UK service sector – up to more than 6-year high. Non-Manufacturing PMI rose to 60.2 p. in July from 56.9 p. in June having exceeded the forecast of 57.3 p. considerably – and it reached the highest reading since December, 2006. The index has been higher than 50 p. for seven months in a row already, showing a constant growth all this time.

The euro was traded downwards on Monday after it didn’t manage to overcome the level of 1.33 against the dollar despite service PMI growth. The released statistics turned out neither the worst nor encouraging. The euro-zone service PMI rose to 49.8 p. in July against 48.3 in June having exceeded the preliminary reading slightly but still not having reached 50 p. that separated the growth from reduce. At the same time the euro-zone composite PMI exceeded 50 p. for the first time since January, 2012 and grew to 50.5 p. in July against 48.7 p. in June. Euro-zone retail sales dropped by 0.5% in June while a decrease by 0.7% was forecasted; and at an annual rate the sales fell by 0.9% with the forecasted decrease by 1.3%.

The yen rose after the decrease of the Japanese stock market amid the US weak employment data – Nikkei 225 fell 1.4%. The Australian dollar recovered after it had updated new 3-year lows after the release of weak retail sales data. Retail sales in June maintained unchanged compared with the prior month while sales growth by 0.4% was expected. Besides, Australian Minister of Industry declared on Monday that the Australian dollar must slump and local producers needed AUD at $0.80.

New Zealand dollar was traded downwards on Monday amid the export suspension of some dairy products to China due to bacteria in them – although it had partly recovered its lost positions by the end of the day. The world's largest exporter of dairy products, New Zealand's Fonterra, announced on Saturday that some of its products might contain bacteria that caused botulism. As far as Fonterra, the largest company of New Zealand provides 25% of the country's exports, any course of events that can reduce the exports, has a negative impact on the rate of the national currency.


Source link  
German Economic Sentiment dropped to 7-Month Low

On Tuesday March, 18 the US dollar was traded mixed before the announcement of 2-days FOMC Meeting on Wednesday. The US dollar increased vs. the pound sterling and the Canadian dollar, but decreased vs. the yen...

New Zealand Consumer Sentiment Rose to 9-Year High

On Monday March, 17 the US dollar was traded mixed amid controversial statistics in the USA. The US dollar increased vs. the yen, but decreased vs. major commodity currencies...

US dollar decreased vs. the yen. The euro, and the pound sterling, but slightly increased vs. major commodity currencies

On Friday March, 14 the US dollar decreased vs. the yen. The euro, and the pound sterling, but slightly increased vs. major commodity currencies having lost 0.2% to the dollar index amid the US Consumer Confidence decrease to 4-months low...


ECB Is Ready To Take Drastic Actions

On Thursday March, 13 the US dollar increased vs. the euro, but decreased vs. the yen and major commodity currencies amid strong US data. The euro dropped after Draghi

The UK Unemployment Rate Dropped to Almost 5-years Low

On Wednesday the US dollar increased vs. the Canadian dollar and the yen amid finished meetings of the Bank of Canada and Japan...

The US dollar Continued to Fall

On Monday the US dollar was traded with fall Vs the most major currencies after the release of weak Non-Farm Payrolls, but rose Vs the pound, and almost didn


Canadian Economic Growth Rate Exceeded the Expectations

This Monday the US dollar was traded with slight decrease Vs most major currencies amid weak US macro statistic data. The data of consumer confidence and personal income appeared to be worse than expected...

Euro-Zone Manufacturing PMI Reached 31-Month High

The US dollar fell slightly on Monday Vs the euro and the yen and almost did not change Vs the pound and commodity currencies amid contradictory statistics...

The Euro Has Been Growing for 6 Days in a Row

The US dollar was traded downwards on Tuesday Vs most major currencies before the FOMC meeting next week where a decision on QE tapering may be made but anyway it will be probably small, which is unlikely to support the dollar...

  


Share: