The beginning of the current week was relatively calm in the currency market. The dollar continued to strengthen against the major competitors, continuing to enjoy the support by the Fed rate hike expectations. However the dollar slightly weakened on the yesterday’s trades.
Earlier the pair EUR/USD once again came under pressure, at the same time there was not any problem with the local growth drivers. The July PMI manufacturing activity index in the euro zone countries was mostly positive while the region index exceeded expectations and amounted to 52.4 against the expected 52.2. But it was not enough to strengthen the single European currency. Nevertheless the pair slightly increased on Tuesday.
Earlier the dollar got a new reason to grow. The personal spending rose in June more than expected, reflecting a growth by 0.4% against the forecast at the level of 0.3%. At a time when traders are almost convinced in the Fed rates raising until the end of the year, it was enough to trigger a purchases wave.
The pair pound/dollar closed the trades with a growth and the pair dollar/yen was trading in a flat.Publication source