DAILY CURRENCY UPDATE
Dollar dips vs. euro despite poor Ifo, pound steady
The dollar edged lower against the euro on Tuesday despite data showed that German business confidence deteriorated this month, while the pound was steady ahead of Bank of England Governor Mark Carney's testimony in parliament.
EUR/USD inched up 0.09% to 1.3613, holding above Monday’s lows of 1.3573.
Data on Tuesday showed that the German Ifo business climate index fell to a six-month low of 109.7 this month from 110.4 in May and compared to estimates of 110.3.
Elsewhere, the dollar was steady against the yen, with USD/JPY at 101.94.
The pound was steady, supported above the 1.70 level, ahead of BoE Governor Mark Carney’s testimony on monetary policy before parliament’s Treasury committee later in the session.
NZD/USD almost unchanged, Chinese data still supports
The New Zealand dollar was almost unchanged against its U.S. counterpart on Tuesday, as upbeat data from China continued to support demand for export-related currencies, while markets eyed the release of U.S. economic reports later in the day.
NZD/USD hit 0.8724 during late Asian trade, the session high; the pair subsequently consolidated at 0.8715, inching up 0.03%.
The pair was likely to find support at 0.8655, the low of June 18 and resistance at
0.8780.
A report on Monday showed that China’s HSBC manufacturing PMI came in at 50.8 in June, the first time the index rose above the 50 level separating growth from contraction in six months.
The greenback found some support however, after data showed that U.S. manufacturing activity grew at the fastest rate in four years in June.
AUD/USD slips but remains near 2-1/2 month highs
The Australian dollar slipped lower against its U.S. counterpart on Tuesday, but still remained within close distance of a two-and-a-half month high as Monday's strong Chinese data continued to support.
AUD/USD hit 0.9418 during late Asian trade, the session low; the pair subsequently consolidated at 0.9409, slipping 0.16%.
The pair was likely to find support at 0.9375, the low of June 22 and resistance at 0.9461.
A report on Monday showed that China’s HSBC manufacturing PMI came in at 50.8 in June, the first time the index rose above the 50 level separating growth from contraction in six months.
The greenback found some support however, after data showed that U.S. manufacturing activity grew at the fastest rate in four years in June, with the Markit manufacturing purchasing managers’ index rising to 57.5 from 56.4 in May.
Dollar little changed against euro, yen
The dollar was little changed against the euro and the yen on Tuesday, with the currencies staying in recent ranges after upbeat factory data from China and the U.S. on Monday was offset by weaker private sector data from the euro zone.
EUR/USD was steady at 1.3598, holding above the lows of 1.3573 reached on Monday.
The pair was likely to find support at 1.3540 and resistance at 1.3630.
The outlook for the U.S. recovery was boosted after data on Monday showed that manufacturing activity grew at the fastest rate in four years in June, with the Markit manufacturing purchasing managers’ index rising to 57.5 from 56.4 in May.
Dollar dips vs. euro despite poor Ifo, pound steady
The dollar edged lower against the euro on Tuesday despite data showed that German business confidence deteriorated this month, while the pound was steady ahead of Bank of England Governor Mark Carney's testimony in parliament.
EUR/USD inched up 0.09% to 1.3613, holding above Monday’s lows of 1.3573.
Data on Tuesday showed that the German Ifo business climate index fell to a six-month low of 109.7 this month from 110.4 in May and compared to estimates of 110.3.
Elsewhere, the dollar was steady against the yen, with USD/JPY at 101.94.
The pound was steady, supported above the 1.70 level, ahead of BoE Governor Mark Carney’s testimony on monetary policy before parliament’s Treasury committee later in the session.
NZD/USD almost unchanged, Chinese data still supports
The New Zealand dollar was almost unchanged against its U.S. counterpart on Tuesday, as upbeat data from China continued to support demand for export-related currencies, while markets eyed the release of U.S. economic reports later in the day.
NZD/USD hit 0.8724 during late Asian trade, the session high; the pair subsequently consolidated at 0.8715, inching up 0.03%.
The pair was likely to find support at 0.8655, the low of June 18 and resistance at
0.8780.
A report on Monday showed that China’s HSBC manufacturing PMI came in at 50.8 in June, the first time the index rose above the 50 level separating growth from contraction in six months.
The greenback found some support however, after data showed that U.S. manufacturing activity grew at the fastest rate in four years in June.
AUD/USD slips but remains near 2-1/2 month highs
The Australian dollar slipped lower against its U.S. counterpart on Tuesday, but still remained within close distance of a two-and-a-half month high as Monday's strong Chinese data continued to support.
AUD/USD hit 0.9418 during late Asian trade, the session low; the pair subsequently consolidated at 0.9409, slipping 0.16%.
The pair was likely to find support at 0.9375, the low of June 22 and resistance at 0.9461.
A report on Monday showed that China’s HSBC manufacturing PMI came in at 50.8 in June, the first time the index rose above the 50 level separating growth from contraction in six months.
The greenback found some support however, after data showed that U.S. manufacturing activity grew at the fastest rate in four years in June, with the Markit manufacturing purchasing managers’ index rising to 57.5 from 56.4 in May.
Dollar little changed against euro, yen
The dollar was little changed against the euro and the yen on Tuesday, with the currencies staying in recent ranges after upbeat factory data from China and the U.S. on Monday was offset by weaker private sector data from the euro zone.
EUR/USD was steady at 1.3598, holding above the lows of 1.3573 reached on Monday.
The pair was likely to find support at 1.3540 and resistance at 1.3630.
The outlook for the U.S. recovery was boosted after data on Monday showed that manufacturing activity grew at the fastest rate in four years in June, with the Markit manufacturing purchasing managers’ index rising to 57.5 from 56.4 in May.
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