Dollar Falls on China’s & Europe’s Manufacturing

4:19 AM // 0 comments // Unknown // Category: Forex

US DollarThe US dollar declined today, along with other safe currencies, as manufacturing growth in Europe and China was somewhat higher than was predicted by forecasters, reducing demand for the currency as a safe haven.

HSBC Flash China Manufacturing PMI was at 49.8 in August, somewhat higher than the median forecast of 49.7 and the highest level in two months. Flash Eurozone Manufacturing PMI was at 49.7 this month, a little higher than expected (49.6), but lower than July figure — 50.4. The Standard & Poor’s 500 Index rose 1.5 percent, while the Stoxx Europe 600 Index went up 1.6 percent.

EUR/USD rose from 1.4357 to 1.4483 today as of 10:33 GMT and posted the high of 1.4499 during the day. GBP/USD climbed from 1.6450 to 1.6544, while reached the intraday high of 1.6572 earlier.

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Earlier News About the US Dollar:

    * Dollar Rises While Traders Afraid of Recession (2011-08-18)
    * Good Week for Dollar Even After FOMC Statement (2011-08-13)
    * Week Begins with Fall of EUR/USD & USD/JPY (2011-08-08)
    * Future of the US Dollar with AA+ Rating (2011-08-07)
    * Dollar Declines as Stock Markets Continue Their Fall (2011-08-05)