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The US Dollar traded mixed to lower against most major currencies on Tuesday despite solid U.S. data, as traders locked in gains and took profits, ending a rally fuelled by expectations that U.S. monetary policy is set to diverge with those of its peers. The US Dollar firmed against the Euro and most other major currencies in recent weeks as traders prepped for monetary policy to become less accommodative in the U.S. at a time when Europe and Japan are taking steps to loosen. By Tuesday, traders viewed the Dollar's rally as due for a breather and took profits, giving the Euro room to rise despite mixed European data. Research group Markit reported that the Euro zone composite output index, which measures the combined output of both the manufacturing and service sectors slumped to a nine-month low of 52.3 from 52.5 in August.The bloc’s services PMI slid to a three-month low of 52.8 from 53.1 last month, missing expectations for a 53.0 reading.The manufacturing index ticked down to a 14-month low of 50.5 from 50.7 in August, though in line with market forecasts. Germany’s private sector output continued to expand this month but growth in the manufacturing sector slowed to a 15-month low.Private sector activity in France fell for the fifth consecutive month, as service-sector activity declined for the first time in three months, offsetting a slower decline in manufacturing output. The data indicated that the Euro area economy is on track to grow by 0.3% in the third quarter and signaled that growth could slow further in the fourth quarter. On Monday, European Central Bank President Mario Draghi said economic activity in the Euro area has slowed and added he saw risks for further downturn, though markets have already priced in monetary stimulus measures to shore up the economy. Meanwhile, Markit Economics reported that its preliminary U.S. manufacturing purchasing managers’ index came in at 57.9 in September, unchanged from August and the highest since April 2010; shy of market calls for a 58.0 reading. A separate report showed that the Federal Reserve Bank of Richmond’s monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10. USD-JPY was up 0.03% at 108.963 and USD-CHF down 0.03% at 0.93940 while GBP-USD was up 0.19% at 1.63891 after coming off the lows of 1.63040 hit earlier in the Asian session. GBP-USD remained supported as focus returned to the outlook for U.K. monetary policy in the wake of last Thursday’s Scottish independence referendum.But GBP-USD struggled to build on gains after data on Tuesday showed that U.K. public sector borrowing increased from a year earlier in August. The Office for National Statistics reported that public sector net borrowing, excluding public sector banks, was £11.6 billion in August 2014, an increase of £700 million compared with August 2013. A separate report showed that U.K. mortgage approvals fell unexpectedly in August, but the underlying trend remained stable.The number of mortgage approvals fell to 41,588 in August from 42,715 in July the British Bankers' Association said. Economists had expected the number of approvals to rise to 42,900. USD-JPY was virtually unchanged at 108.829, up from a session low of 108.241 and off a high of 108.982. The yen, meanwhile, was down against the Euro and down against the British Pound, with EUR-JPYup 0.02% at 139.847, and GBP-JPY trading up Against the commodity currencies, the US Dollar was higher against Canada, Australia and New Zealand, with USD-CAD up 0.32% at 1.10760, AUD-USD down 0.34% at 0.88406 and NZD-USD down 0.84% at 0.80490. The Canadian Dollar weakened after Statistics Canada reported that retail sales fell 0.1% in July to C$42.5 billion, compared to expectations for a 0.4% increase. However, June’s retail sales were revised up to a 1.2% increase from a previously reported 1.1% gain.Sales at motor vehicle and parts dealers advanced for the third time in four months, up 1.6% in July, the report said.Core retail sales, which exclude auto sales, were down 0.6% from a month earlier, worse than forecasts for a 0.1% decline. The Canadian Dollar had gained ground earlier after data showed that factory activity in China unexpectedly picked up this month, easing concerns over a slowdown in the world’s second-largest economy.The preliminary reading of China’s HSBC manufacturing index for September came in at 50.5, ahead of expectations for 50.0 and up from the final reading of 50.2 in August. Data earlier showed that the HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 50.5 this month, from a reading of 50.2 in August, confounding expectations for a fall to 50.0. China is Australia's biggest export partner.AUD-USD hit a low of 0.88298 in late New York trade. Meanwhile, U.S. stocks fell on Tuesday, with consumer staples leading the S&P 500 down to its third straight daily loss, as investors On Wednesday, markets will move on new home sales numbers in the U.S.grew concerned about the pace of global economic growth. The day's losses were broad, with all ten primary S&P sectors down. Consumer staples were the weakest on the day, off 0.9 percent, while industrials lost 0.8 percent. Wall Street's losses tracked Europe's 1.3 percent slump, after data showed a contraction in French business activity and slower growth in German manufacturing this month. Unrest abroad added an element of caution to the market after the launch of U.S. air strikes in Syria against Islamic State fighters. The tension lifted crude oil prices 0.6 percent to $91.44 per barrel. The Dow Jones industrial average fell 116.81 points, or 0.68 percent, to 17,055.87, the S&P 500 lost 11.52 points, or 0.58 percent, to 1,982.77 and the Nasdaq Composite dropped 19.00 points, or 0.42 percent, to 4,508.69.
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Forex Outlook 24.09.14
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25-Sep 2014 Thursday
1:07 PM (3503 days ago)
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