Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

US dollar lowered in value against the common currency on Monday, despite the support it was receiving amid FED speculation.

EUR/USD rose to a session high at 1.3060 at 9:55 GMT, after which consolidation followed at 1.3050.

Earlier on Monday a report showed that Flash Harmonized Index of Consumer Prices (HICP) in the Euro zone advanced to 1.6% in June from 1.4% in May, meeting forecasts.

Additionally, Unemployment Rate in the single currency zone rose to 12.1% in May from a revised down 12.0% in April, while preliminary estimates showed a rate of 12.3%.

Final Manufacturing PMI in the euro region ticked up to 48.8 in June from 48.7 a month ago. It showed that contraction rate slowed down, but with the smallest pace for almost 1.5 years. Data implied that manufacturing activity has begun picking up the pace, but in a foreseeable period a recovery was not very likely, because public debt and unemployment rate were still on high levels. Manufacturing PMI in most countries in the Euro zone showed a slight drop in June, compared to preceding months. Greece has recorded the least negative results for the past two years, while in Spain manufacturing activity has not shrunk on a monthly basis for the first time in 26 months. Manufacturing sector in Ireland was the only one to register expansion.

Meanwhile, market players began focusing on the crucial US ISM manufacturing data, that was to be released later in the trading day. Positive results could boost the demand for the US dollar, while ISM index could be an addition to the spectrum of major economic indicators to show that US economic recovery was on its way, thus encouraging Federal Reserve policymakers to take action and reduce the scale of current monthly asset purchases.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Japan and Germany Plan Oil Reserve Releases as WTI FallJapan and Germany Plan Oil Reserve Releases as WTI Fall Key Moments The International Energy Agency (IEA) will likely issue a recommendation on emergency oil reserve releases at 13:00 GMT. Meanwhile, Japan plans to release the equivalent of fifteen days of private-sector oil […]
  • BlackBerry forms a special committee to weigh optionsBlackBerry forms a special committee to weigh options BlackBerry Ltd. said it’s considering putting itself up for sale, which is the strongest indication yet that the smartphone maker won’t remain independent as competition hurts sales and hammers its stock price.A special board committee […]
  • Nvidia Futures in Technical Limbo as Target Hits $369Nvidia Futures in Technical Limbo as Target Hits $369 Key Moments Arete Research lifted its NVIDIA price target to $369 from $283, leaving the tokenized Binance Futures contract more than 70% below that level at $216.49. The contract trades beneath multiple key moving averages and […]
  • GBP/USD trades higher after upbeat UK GDPGBP/USD trades higher after upbeat UK GDP British pound was trading higher against the US dollar on Friday, following a report, which revealed UK economy expanded at the fastest pace in three years during the third quarter of 2013.GBP/USD climbed to a session high at 1.6246 at […]
  • Carnival Shares Face Value Trap Risks Despite DiscountCarnival Shares Face Value Trap Risks Despite Discount Key Moments Carnival Corporation (CCL) closed at $22.56 on September 14 at 3:59 PM EDT, after declining 19.77% over one month and 27.78% over one year. Deutsche Bank flagged net-yield growth of only 0.9% and maintained a Hold […]
  • Crude oil trading outlook: WTI futures edge up to pare weekly losses, Brent set for big dropCrude oil trading outlook: WTI futures edge up to pare weekly losses, Brent set for big drop WTI futures were higher during early trade in Europe today, reversing losses from earlier this week, while Brent, the global benchmark, was on track to settle the week at the lowest level in more than two years.WTI futures for October […]