FREE Forex Trading Course
Deposit $250 in an FXCM Micro account and receive the DailyFX Power Course FREE OF CHARGE. FXCM Micro is a discount brokerage service offering super low spreads, 1k lot sizes, and flexible 400:1 leverage. Click below to learn more.
Currency trading involves risk of loss.
Leverage magnifies both gains and losses.
The dollar continued to fluctuate against the euro on Wednesday on the back of uncertain economic data from the US.
Meanwhile, the yen lost ground on the dollar after recent gains.
The US dollar moved to 1.377 against the euro, down from 1.3690, while it was worth 118.59 yen, down from 118.68.
Meanwhile, the British pound bought 2.0295 usd compared to 2.0321 usd earlier.
The US dollar also gained against its Australian counterpart, down to 8516 for 8536.
Wednesday’s gains came after weak ADP employment and ISM manufacturing reports had earlier weakened the US currency against the euro and the pound.
US companies had been expected to add somewhere in the region of 100,000 jobs in July, but the came in around the 48,000 mark.
Meanwhile, the Institute for Supply Management said manufacturing activity dropped from 56 to 53.8 in July. The 56 figure had been the highest in 12 months and there had been high hopes that this would be maintained.
About 66 percent of manufacturers were paying higher prices in July, according to the survey.
It was also reported on Wednesday that pending home sales in the United States were up 5 percent, down 8.6 percent from June 2006.
13:06
Posted on Aug-02-2007
