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On Wednesday, the euro and British pound approached their five month-lows after the disappointing economic reports. The greenback rallied before the publication of the minutes of the last gathering of the key US bank.
The common currency declined to the lowest value for five months after the release of data that in May the surge of business activity in the private sector of the euro area speeded down to a minimum for 18 months.
The Composite Business Activity Index (PMI) from Markit in the euro area, gauging performance in the manufacturing as well as service sectors, dived in May to 54.1 versus the anticipated value of 55.0.
The disappointing report will probably lead to deterioration in the forecasts for further tightening of the ECB's monetary policy.
The euro dived: the currency pair EUR/USD went down 0.48% being worth 1.1724.
The British pound has updated the minimum for five months against the greenback after publishing data that year on year inflation in Great Britain slowed. This reduces the pressure on the Bank of England as for a probable increase in the interest rate.
The currency pair GBP/USD tumbled 0.53% to 1.3362.
The US currency managed to grow to a maximum of five months before the publication of the minutes of the last meeting of the Fed. The Federal Reserve is expected to publish the minutes of the last gathering of the Open Market Committee soon.
Traders will be interested in any information regarding the probable tightening of monetary policy by the US key bank.
The recent surge in the revenue of US bonds, upbeat economic reports as well as the acceleration of inflation have given push to forecasts for a further lift in the Fed's interest rate and tightening of monetary policy.
On Monday, the US currency declined to a two-week minimum versus the Japanese yen because a latest flare-up in global trade worries affected investor risk appetites and suppressed American yields…
On Friday, the common currency was still high because the evergreen buck declined and trade worries didn’t recede…
On Friday, the evergreen buck drifted away from a 11-month maximum against the group of its key rivals due to the fact that market participants recorded gains after the greenback’s leap…
On Monday, Asian shares shook off a sluggish start and stabilized, with Japan outperforming on positive earnings…
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…
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