The US Dollar firmed against the Pound on Friday after the latest Purchasing Manger’s Index and ISM manufacturing data out of the world’s largest economy came in better than expected.
Earlier in the session Sterling fell against many of its peers after the release of disappointing UK manufacturing. According to Markits manufacturing purchasing managers index output fell to 56.0 in October, down from the 56.3 recorded in the previous month.
Against the Euro the ‘Greenback’ jumped to a two and a half week high as yesterdays disappointing inflation and unemployment data weighed heavily upon the single currency. Inflation in the region fell to a four year low and unemployment in Italy hit a new record high, which caused investors to speculate that the European Central Bank will decide to cut interest rates by as soon as next week in order to bolster the Eurozone’s flagging economic recovery.
Back in the USA the ISM index rose to 56.4 in October, the highest reading recorded since April 2011 and up from the previous months level of 56.2. Economists had been predicting a fall to 55. Any figure above 50 indicates expansion, whilst below means contraction.
The latest ISM report was far more upbeat than a separate index released on Friday by data firm Markit, which hit a one-year low in October.
Markit’s data showed that manufacturing in the States grew at a faster than expected pace in October. Markit’s PMI fell from the previous month but was above forecasts. It came in at 51.8, down from the previous months figure of 52.8 but above the expected reading of 51.1.
The Canadian Dollar meanwhile continued to trade higher against the Pound as it continued to benefit from Thursday’s better-than-expected GDP data. Against the Euro the currency made its best two-day performance in eight months.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6252
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7393
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0420
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5994
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3525
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9596
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7095
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6000
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6666
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0420
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4093
(Correct as of 14:45 pm GMT)
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