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Session Recap: Lower Greenback amid ongoing QE

FXstreet.com (San Francisco) - The big story today was the Dollar weakness as market players reacted to the weaker than expected ISM manufacturing index as the first hint for a Fed keeping the current pace of bond buying.

The Greenback declines against its major competitors as the EUR/USD jumped to touch levels above the 1.3100 and close around 1.3070; the GBP/USD is trading above the 1.5300 area and the USD/JPY extends decline to test the 99.00 area.

Main headlines in the American Session:

US May Markit Manufacturing PMI increase to 52.3

US: ISM Manufacturing PMI returns to contraction in May

US: Construction Spending up 0.4% in April

IMF cuts forecast for 2013 German growth to +0.3% vs +0.6% prev

Fitch cuts Cyprus to B-, negative outlook

Wall Street closes at session highs after recovering earlier losses

Wall Street closes at session highs after recovering earlier losses

The US stocks market closed higher on Monday after recovering from Friday's sell off and a negative opening. Weaker than expected ISM manufacturing index fueled inverstor's confidence on ongoing QE.
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EUR/USD knocks the 1.3100 door; what's next?

The Greenback's weakness was the biggest story on Monday as the USD fell furiously following a weaker than expected US data. In words of the BK Asset Management's analyst Kathy Lien, the US Dollar succumbed in "another case of deleveraging." In this way, The Euro joining the environment and it rose to the highest level since May 9th at 1.3110.
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