Euro declined before ECB meeting, sterling under pressure
The negative unemployment data published by ADP in the Wednesday, have supported the dollar as US stock indexes fell despite a positive opening throughout most of the trading session. Euro/dollar failed to demonstrate strong growth and reached the session high at 1.4201 during the New York trading session, quickly dropped back to the support at 1.14140/50. During the Asian trading session on Thursday the single currency continued its decline against greenback, getting support in the area at 1.4080. Comments of Vice Minister of Foreign Affairs of China that the dollar remains the main global reserve currency, supported the American currency.
The British pound remains under pressure from recent comments of the record GDP decline in the 1st quarter and even positive economic data published yesterday have not recovered interest in pound buying. Activities in the UK manufacturing sector rose sharply in June to the key level of 50.0, reaching the 13-month high. PMI index reached 47.0 in June against 45.4 in May.
The trade deficit in Australia has increased to the maximum level since July of 2008. The trade deficit in May was 556 million Australian dollars, the deficit in April was revised upwards to 282 million. These data gave pressure on the Aussie, falling to 0.8010 against greenback.
