Dollar Wobbles as US Economy Rocks
Binary.com Daily Financial Review August 1st 2016
- Dollar wobbles persist this morning, the US dollar gapped higher at the open but has since resumed it’s downwards trend from last week. The Greenback continues to feel the impact of Friday’s big GDP miss as the US economy appears to be growing at a slower pace than expected. The tumultuous 2016 US election is thought to be creating uncertainty in the world’s biggest economy.
- The dollar pairs are on the rise, with the EUR/USD experiencing some outsized gains.
- Friday saw a large move into the Japanese yen, the ultimate safe haven, but this move appears to be unwinding slightly this morning.
- Coming up today, we have Spanish manufacturing PMI at 08.15.
- This is followed by various European manufacturing PMI data points until 09.00……
- …culminating in the UK manufacturing PMI at 09.30.
- US ISM manufacturing follows at 15.00.
- The USD/JPY has some serious downside momentum right now despite this morning’s attempted move higher. The yen is everyone’s safe haven of choice at the moment, especially with the US dollar struggling under the weight of political uncertainty.
N.B. This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.