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Dollar Strengthens Against Most Majors As Weak UK PMI Triggers Risk-aversion

Aug 01 2012
By
Forexbrokerz.com

The US dollar regained ground against most of its major rivals in early deals Wednesday as the worse than forecast UK manufacturing PMI numbers initiated some fresh safe-haven buying.

Activity in UK's manufacturing sector decreased for the third consecutive month in July, and the relevant indicator dropped to the lowest level in thirty-eight months, data from a survey by Markit Economics and the the Chartered Institute of Purchasing and Supply (CIPS) showed today.

The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to a 38-month low of 45.4 in July from a revised 48.6 in June. Economists were looking for a reading of 48.4 in July. A PMI reading below 50 indicates contraction in the sector, while one above suggests growth.

The greenback rose to a 6-day high of 1.5621 against the pound, while touching session's highs of 1.2291 against the euro and 0.9776 against the Swiss franc after the data. However, the risk-off rally was limited shortly and the US dollar was trading back below 1.5650 against the pound, 1.2315 against the euro and 0.9760 against the Swiss franc around 4:50 am ET.

The material has been provided by Instaforex Company - instaforex.com
TAGS: Dollar  Strengthens  Against  Most  Majors  As  Weak  UK  PMI  Triggers  Risk-aversion   

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