Forex

Posted

The dollar is under pressure as investors woke up to the risk appetite in this new year that begins, by solid economic data released today from USA.UU. Commodity prices are the big winners after the data of the Manufacturing PMI for China, which rose to 56.1, this being the highest level since April of 2004. This very strong growth in the manufacturing sector of China, will boost demand for raw materials (Commodities). The speculations of petroleum are optimistic, it is traded at the moment above 81 dollars barrel. The price of gold also rises to a maximum of 1124,6 until now. From published data from USA.UU., the Manufacturing ISM index, rose more than expected to 55.9 in December. The pound sterling was raised against the dollar after the Manufacturing PMI for the United Kingdom, which increased to 54.1, this being the highest level in 25 months. Mortgage approvals also exceeded expectations up to 60.5K.

However, the markets remain cautious by the prospects for the debt of the United Kingdom and the decisions on interest rates that will take the Bank of England this week. The pound is slightly behind other currencies and indeed compared to the basic products and the Euro has weakened. The euro is much weakened against the Canadian dollar and the Australian dollar. For example, the EUR/AUD pair fell sharply toward a minimum of 1,5747 today.