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GBP/USD trades close to flat on dollar consolidation

FXStreet (London) - GBP/USD has made up lost ground after declines to USD1.6305, with the dollar currently lacking the momentum for further upside after 10 weeks of gains against the majors. Yesterday’s weaker-than-expected housing numbers, coupled with dovish talk from NY Federal Reserve president William Dudley have left the dollar in a consolidation phase, awaiting direction.

US PMIs hold one-year highs

US Manufacturing Purchasing Managers Index numbers released today gave some positive news, unchanged at August’s 52-month high of 57.9, but largely fell in line with market expectations.

With declines in the Chicago Fed's National Activity Index numbers released yesterday – to -21 in August from 26 in July – we may see some concerns over the strength of the US labour market reappear, after consistent commitment to tapering from the Fed had diminished the market impact of labour market numbers.

GBP/USD is currently trading at USD1.6361, trading close to flat after opening the day at USD1.6359.

USD/JPY back off lows, just below flat

With USD/JPY making a daily high and low at 108.89 and 108.25 respectively, spot is currently trading at 108.81, down -0.03% on the day so far.
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EUR/USD dropping from 1.2900 level - FXStreet

FXStreet Chief Analyst Valeria Bednarik observes that after having advanced towards the 1.2900 area, EUR/USD is now falling, currently at 1.2870.
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