020 7898 0500The dollar weakened against the euro and sterling yesterday to put a little blip in the recent trend of dollar strength. It was a little strange, as the PMI readings from the US weren’t too bad, but it is perhaps the case that investors were waiting for any encouraging signs from the UK and eurozone – and anything coming in as expected or better was enough to make investors sell their greenbacks.
Composite PMI came in at 56.6 in May from 55.7 the month before, while services PMI had been expected to hold steady at 55.7, but actually climbed to 56.8. Any figure over 50.0 shows strength, so this really is quite an impressive figure.
Today is fairly sedate for economic data releases, but we will see the US’s trade balance figure for April, as well as mortgage applications up to 1 June.
