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USD Down on Manufacturing Miss
The US dollar has been under pressure over early trading on Tuesday as the reaction from yesterday’s data miss continues. The US ISM Manufacturing print for November came in below expectations at 48.1 vs 49.2 expected. Marking the fourth straight month in contractionary territory, the reading is a poor omen for the health of the US economy over the final quarter of the year. USD index trades 97.80.
Lagarde Say ECB Will Pusruse Inflation Target
EURUSD has taken advantage of the fall in USD to trade higher again today, extending yesterday’s gains. Speaking before European Parliament yesterday, new ECB chief Lagarde said that the ECB will be “resolute” in pursuing its goal of 2% inflation and noted that the bank’s accommodative monetary policy stance will remain in place. Lagarde heads her first policy meeting this month on the 12th. EURUSD trades 1.1080 last, back above the 1.1024 level once again.
GBP Rallies on USD Weakness
GBPUSD surged higher ga...
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