Forex

Pound reaches its 5-months maximum against the US Dollar

By Forex Metal

Asian and European trading sessions:

Euro: The euro consolidated during the Monday morning trading in the range of $1.3050-$1.3090. Strong Euro-zone manufacturing fundamentals fueled the euro growth.

US Dollar: Monday morning trading saw US dollar weakening as the expectations for the negative US data increased. The ISM Manufacturing for July was predicted to fall to 54.5 from its previous value of 56.2.

British Pound: The GBP/USD pair set maximums at the $1,5800 mark. The released report shows that Great Britain purchasing manufacturing index for July turned out to be higher than its expectations: 57.3 against the forecasted 57.0. According to the experts’ opinion, the British economy rehabilitation rate is higher, than its previous forecasts. 

Australian Dollar: The released on Sunday AiG performance of manufacturing index for July showed growth to 54.4 mark, which supported the Australian dollar rate against the US dollar.

Japanese Yen: The yen was pressured by the growing rehabilitation rate of the Chinese economy.

Oil: Speculations regarding the Chinese economic growth supported the oil prices. The rate was set above the level of $79 per barrel during the morning trading.

American trading session:

Euro: The euro rallied to its 3-months maximum against the US dollar as the ISM manufacturing index was published. The indicator turned out to be at the level of 55.5, which was higher than its expectations of 54.5. The US construction spending showed growth as well.

The European corporate reports showed very positive results, which increased investors’ risk appetites.  The largest European bank HSBC announced of its profit growth for $6.76 billion in it’s  semi-annual report. The French bank BNP Paribas stated that its net profits increased for 32% in the second quarter.

Oil: the oil rate continued its rally, and reached the $81.70 maximums per barrel.

Canadian Dollar: The Canadian dollar rate showed growth as the oil rate reached its maximums. The Canadian stock market was closed on Monday due to the national holiday.