Despite the rise in the price of USD index against the basket of major currencies, the index was close to the lowest level since 15 weeks as weaker economic data in U.S led the outlook of its economy uncertain. Moreover, USD pressured by political turmoil in Washington as The President Donald Trump decided to dismiss the White House Communications chief from his position. The concerns ahead of whether the Fed will hike interest rate o September has been rose due to weaker economic data. USD was up against the basket of six major currencies by 0.2% at 93.065 after it reached the lowest price since the beginning of May month at 92.777.
On the back of an increase in UK exports, UK factory growth index rebounded in last month, and this led the GBP to appreciate against weaker USD at 1.3239 reached the highest price in since June 2016. Due to the increase in the demand for UK goods by foreigner countries, the UK manufacturing purchasing managers index rose by 0.9 to 55.1 in July; this figure is greater than expected by 0.7.
In Eurozone, the quarterly GDP of Euro area increased by 0.6%, while the yearly one grew by 2.1 % in July, the quarterly GDP came in line with expectations however the annual GDP is lower than expected by 0.3. Moreover, the Economy of Eurozone for the second quarter grew faster than the first.
Meanwhile, in Canada, the loonie dropped against its U.S counterpart as the USDCAD traded at 1.2483 pressured by the declining in Oil prices as investors still worrying about the global oversupply. BOC raised the interest rate in last month for the first time in seven years, and it pointed that they could increase the interest rate again in the upcoming months, however the interest rate expected to remain on hold until October.
Elsewhere in Asia, AUD and NZD fell against their U.S counterpart at 0.7955 and 0.7428 respectively. The monthly Australian building approvals increased by 1.5%, while the unemployment rate in New Zealand declined by 0.2 In the second quarter. Moreover, USD appreciated against the safe-haven Yen at 110.48.
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