Daily economic digest from Forex.ee
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Monday, June 1st
The Australian dollar fell against its U.S. counterpart on Friday closing the session at 0.7642. Altogether, the pair lost 2.41% during the previous week. This morning, Australian dollar went up despite the disappointing data on building approvals in April. The pair is currently trading at 0.7654.
NZD/USD declined 2.82% last week, closing at 0.7106 on Friday after weaker than expected data on business confidence. The pair was gradually rebounding this morning reaching the 0.7110 level.
The pound closed at 1.5286 on Friday, down 1.2% comparing to the previous week. GBP/USD is under pressure with growing concerns over U.K. referendum on EU membership and weaker than expected GDP report indicating that the British economy growth might be losing momentum. Investors are watching the release of data on manufacturing sector activity later today.
The euro went up 0.37% to 1.0991 on Friday against the U.S. dollar, but the pair was down 1.89% in May. The single currency remains under pressure over Greek negotiations. Meanwhile, the dollar strengthened in May after more positive U.S. economic data. EUR/USD was down this morning and is currently traded at 1.0938. Later in the day, Germany is to release the manufacturing purchasing managers’ index and the consumer price index. In the U.S., The Institute of Supply Management Manufacturing Purchasing Managers Index is also reported today.
The U.S. dollar index was down to 96.94 on Friday, which was below the Wednesday’s five week peaks of 97.88. The index was 0.92% up for the week ending the month with 2.35% gains.
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