The first part of the week was marked by the currency market sluggish uninteresting trade in narrow side ranges. One of the low volatility reasons was the lack of important economic data. Another factor that made traders wait and see was the US employment report which would appear in the coming Friday. In these circumstances, the dollar has grown up very slightly against all of its major opponents.
The Eurozone news has shown good results. The manufacturing sector last figures were revised in the growth direction, still it did not affect the European currency traders. The market's attention was drawn to the ECB President Draghi, who said that the level of monetary policy stimulation should be reviewed at the December meeting.
The British pound showed the most prominent multidirectional volatility among the majors, but also, like the other major currencies, was closed with a decrease against the dollar. The pound was supported by the UK manufacturing activity strong data – the PMI index rose up to 55.5 in October from 51.8 in September while it was expected to see a decrease by 51.3.
The pair USD/JPY was traded within the overall market sentiment and also remained in the narrow side range. The Japan stock markets Nikkei index decline put slight pressure on the dollar. However, the US dollar leveled these losses and was able to achieve a slight increase by the end of the day in the European and American sessions.Publication source