|08-21-2014, 04:02 PM||#1|
EURUSD rebounds on stronger German PMI data, Sterling falls
Euro rose slightly in European trades, despite data showing weak recovery in Europe`s manufacturing industry continued in August. Euro was boosted by better-than-expected German private sector growth data, although gains were likely to be temporary.
Data released earlier in the day showed activity in the Eurozone’s manufacturing sector slowed to a 13 month low in August, with the euro zone manufacturing PMI down to 50.8 from 51.8 in July. The region’s services PMI slid to 53.5.
While, activity in Germany’s factor sector slowed but remained solid, with the German manufacturing PMI down to 52.0. The country’s services PMI ticked down to 56.4 from 56.7 last month.
Euro rose in Europe, and was last seen trading at $1.32677 after opening at $1.32563. The EURUSD pair so far hit intraday high at $1.32769 and low at $1.32408.
Pound Slides, UK Retail Sales Rises Less-Than-Forecasts
Sterling weakened sharply on Thursday, falling for the fourth session, after data showed UK retail sales slowed more than expected in July. The official data showed that retail sales volume, including auto fuel grew 0.1 percent in July from a month ago, slower than the revised 0.2 percent increase in June.
Separate news from the Office for National Statistics showed that UK budget deficit narrowed in July. Public sector net borrowing excluding interventions came in at 0.2 billion-pound in July versus 1 billion-pound a year ago.
Pound fell sharply against the U.S. dollar, pushing the GBPUSD pair to trade at $1.65809 from an opening of $1.65941.
Dollar at Multi-Month Highs, Aussie Tumbles
Dollar rose to multi-month highs against the euro and the yen on Thursday, extending gains into a fourth straight session after the minutes of the Federal Reserve`s latest meeting were seen as being more hawkish.
Dollar was flat in Europe trading at 82.29, while adding sharp gains against the Japanese yen to trade at ¥103.848 after starting at ¥103.735.
Dollar was boosted by Wednesday’s Fed minutes, which showed most officials believe the ongoing improvement in the labor market supports a move towards tightening monetary policy.
Investors will be also looking at U.S. initial jobless claims and home sales report. Today’s slate of data is more than just an appetizer leading up to Fed’s Chief Janet Yellen’s speech on Friday at an annual gathering of central bankers in Jackson Hole, Wyo.
The Australian dollar fell sharply Thursday, extending losses against the dollar to a third straight session. The AUDUSD was last seen trading at 0.92779.
Market sentiment was hit after data showed preliminary reading of China`s HSBC manufacturing index fell to a three month low of 50.3 in August from 51.7 in July and well short of forecasts for 51.5.
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