The US dollar gained today as concerns and uncertainty slowly return to the Forex market and demand for the protection by the safe currencies may again emerge. It’s early to say with certainty that the greenback will rally again as the positive mood hasn’t yen gone completely from markets.
The optimism about the future of Europe hasn’t quite waned and still puts a downward pressure on the dollar. The United States showed a positive set of fundamental data and that supported the optimism. The US manufacturing PMI advanced from 50.8 to 52.7 in November. The construction spending rose 0.8 percent in October, compared to the median forecast of 0.4 percent.
The outlook for the global economy and the European economy in particular isn’t universally good. And there are reasons to be worried. The US unemployment claims increased from 396,000 to 402,000 last week. China’s manufacturing PMI slipped from 51.0 to the 32-month low of 47.7 in November. The pace of drop was the fastest since March 2009.
USD/JPY rose from 77.68 to 77.77 today as of 6:48 GMT, EUR/USD, GBP/USD and USD/CHF were almost flat.
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