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Forex

The dollar rose sharply against the euro, despite the strong performance of European PMI

December 3, 2013, Tuesday, 17:04 GMT | 12:04 EST | 21:34 IST | 00:04 SGT
Contributed by Forex-Metal

Asian and European trading sessions:

Euro: The euro fell against the dollar amid mixed data on manufacturing activity in the euro area.

According to the company Markit Purchasing Managers Index (PMI) rose to 51.6 from 51.3 in October in the euro zone. The EUR / USD pair fell to $ 1.3528 during the European session.

U.S. Dollar: The dollar fell against most major currencies after the PMI for the manufacturing of China came out better than the original estimate. The monthly survey of the manufacturing sector in China, conducted by the bank HSBC, revealed that in November, the corresponding figure was 50.8 compared to the initial estimate of 50.4. Last month, the index was at 50.9. The results showed that production growth continues for the fourth consecutive month.


American trading session:

British Pound: The pound declined significantly against the dollar, having lost all positions earned in the first hours after the opening of trading today. Even the strong results of the British PMI failed to prevent today's sell the pair before the meeting of the Bank of England and the publication of the autumn forecasts, scheduled for Thursday. Today's report showed that manufacturing activity in the UK expanded at the fastest pace since February 2011, as the sector gained momentum from production and new orders. The PMI from Markit / Chartered Institute of Purchasing & Supply rose to 58.4 in November from a revised 56.5 in October. November result was well above the consensus forecast of 56.5. In addition, the PMI index indicated an increase in activity for eight consecutive months. Recovery occurred in all sub-sectors covered by the survey, amid rising production and new business. The GBP / USD pair rose to $ 1.6430, and then retreated to $ 1.6365 during the session.

Euro: The dollar rose sharply against the euro, despite the strong performance of European PMI, which surprised investors. Most likely, this strengthening of the American currency was due to the fact that this week will be a meeting of the ECB, which will attract the attention of investors, whose views on the next steps of the Bank diverge.

Gold: The gold prices fell sharply, dropping to a week with a minimum of what was due to the strengthening of the dollar. The cost of the December gold futures dropped to $ 1227.00 per ounce on the COMEX today.

Oil: The cost of January futures on U.S. light crude oil WTI got support from positive U.S. data and China. The price rose to $ 93.30 a barrel on the New York Mercantile Exchange.