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Currency Analyst since 2010

July 1: European session

The euro zone’s unemployment rate declined from 11.7% to 11.6%, while Spanish and Italian manufacturing PMIs showed industry expansion. EUR/USD is trading a bit on the downside, in the $1.3680 area consolidating after yesterday’s gains.

British pound surged as UK manufacturing growth accelerated to the fastest pace in 7 months. June Manufaturing PMI came above the forecast at 57.5 (prior: 57.0; forecast: 56.7). The indicator improved on increased demand, adding to signs of sustainable economic recovery and increasing the odds of a sooner rate hike. As a result, GBP/USD hit a new 6-year high of $1.7130. EUR/GBP dipped to 0.7990.

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