The USD depreciated against all its counterparts after the release of economic data as it was disappointing in the sense that it shows that the economic recovery has been slowed in the United States.
Today the US economic data was released & was not very good for investors. The data shows negative points raising concerns over the economic recovery in United States. As the data suggests the economic recovery is slowing in United States. The manufacturing growth in US has also been slowed as can be seen from the manufacturing index as published by The Institute for Supply Management. The manufacturing index dropped to 56.2 in the month of June from 59.7 in the month of May 2010. The home sales in US tumbled by almost 30 percent in the month of May.
The concerns over rising unemployment rate in US have put further pressure on the US dollar as 13000 additional people filed for unemployment benefit. The stagnation in job market & poor economic conditions in US are dragging the US dollar down & dollar is losing its preference in the minds of the investors. The currency which gained most against the US dollar was Japanese Yen. The dollar dropped by 0.10 percent against JPY & was quoted at 87.59 Yen/USD.
Today the US economic data was released & was not very good for investors. The data shows negative points raising concerns over the economic recovery in United States. As the data suggests the economic recovery is slowing in United States. The manufacturing growth in US has also been slowed as can be seen from the manufacturing index as published by The Institute for Supply Management. The manufacturing index dropped to 56.2 in the month of June from 59.7 in the month of May 2010. The home sales in US tumbled by almost 30 percent in the month of May.
The concerns over rising unemployment rate in US have put further pressure on the US dollar as 13000 additional people filed for unemployment benefit. The stagnation in job market & poor economic conditions in US are dragging the US dollar down & dollar is losing its preference in the minds of the investors. The currency which gained most against the US dollar was Japanese Yen. The dollar dropped by 0.10 percent against JPY & was quoted at 87.59 Yen/USD.
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