USD strengthening against Euro

Monday, 1 August 2011 05:23

U.S Manfuacturing ISM report on Business was released minutes ago with results worse than expected.  The Institute for Suppy Management PMI was forecasted by economists to be released at 55.0 in July.  While in reality July's results for ISM Manufacturing PMI was released at 50.9. 

The USD broke today's Euro/Dollar low of 1.4352 to mark a new day's low at 1.4257.  The U.S Dollar started to strengthen against the 17 nation currency before the ISM Manufacturing PMI report surging down to new low.  After the news release the pair overturned to trade upwards for second, only to turn back down to mark today's low.