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United States Dollar:
For the USD, we saw the latest Unemployment Claims and ISM Manufacturing PMI data yesterday. The releases were mixed with Unemployment Claims coming in worse than expected, at the highest level since June. Jobless claims came in at 268K which was 17K higher than last week and much higher than the 1K forecasted increase. USD struggled against other majors after the release, with it dropping to 1.0623 against the euro and GBP/USD dropping to 1.2637. On the other hand, we saw ISM Manufacturing PMI come in above forecast at 53.2 where 52.1 had been forecast. This indicated continuous expansion over the last three months and was the highest reading (on par with July this year) since July 2015. Upbeat PMI helped the greenback trim some of its earlier losses with EUR/USD dropping back below 1.06 and GBP/USD dropping around 75-pips from its session high to 1.2625. Today marks a busy day in the USD calendar with the latest Average Hourly Earnings m/m, Non-Farms and the Unemployment Rate all due later today. GBP/USD is currently at 1.26295 – 08.00 AM.
GBP managed to make strong gains against other majors yesterday morning despite worse than expected PMI figures. ... read more
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