Update: Today’s US manufacturing report from ISM released at 9:00am CST showed a contraction in output, which is causing the US dollar to take a tumble and other currencies to climb against it.
The pound is climbing to its highest levels against the dollar since early last month as UK manufacturing output unexpectedly grew in August. This and yesterday’s data showing higher-than-expected consumer confidence levels is fueling optimism that perhaps the UK is doing much better two months after the Brexit vote than economists had predicted.
The euro is ticking up today against a weaker US dollar even as manufacturing levels contracted slightly in Italy and France. Manufacturing output from Germany, Greece, and the Eurozone grew about as much as expected, which is limiting the euro’s tumble today.
The Australian dollar has been choppy after last night’s flat retail sales results for July, but is still rising against the falling greenback today. The Canadian dollar is trading slightly higher against the US dollar even with crude oil sliding below $45 per barrel. Canada’s manufacturing output for August met analyst expectations.
EURUSD: The euro is ticking higher against a weaker USD, despite manufacturing output contracting in France and Italy.
GBPUSD: The pound is climbing as UK manufacturing shows growth in August.
AUDUSD: The Aussie dollar is trading higher against a weaker US dollar despite flat July retail sales.
USDCAD: The Canadian dollar is choppy as oil falls below $45 per barrel.