The US dollar also had a disappointing start to the week, apart from against sterling, thanks to poor economic data. The manufacturing purchasing managers’ index (PMI) from the Institute for Supply Management missed its expectation, falling more than expected. With this hinting at a slowing economic recovery, the US dollar fell by the most in three weeks, making losses against most of its major partners as the pace of quantitative easing tapering comes under scrutiny.
There is no largely significant US data due today, with factory orders likely to be the most influential. As such, investors will be looking ahead to the labour data in the coming days as they mull over the strength of the economy.
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