Greenback continues depreciating ahead of the Fed policy meeting. Sterling was indifferent after IMF downgraded U.K's growth forecast due to “weaker-than-expected activity”. USD/CAD dropped to a 14-month low while euro slipped as Markit PMIs for Euro area fell short of forecasts.
U.S. Dollar Continues Falling
U.S. dollar continues falling, though it slowed down its pace on Monday. First estimates for Purchasing Managers’ Index rose above predictions supporting slightly the U.S. currency. The factory production rose to 53.2 from 52.0 before while services expanded to 54.2 against the forecast of 54.0 and 54.2 the previous month. Contrary, the sales of existing homes shrank 1.8% month-over-month to 5.52 million in June from 5.62 million in May, while the market was expecting a “lighter” contraction of 1.0% to 5.58 million. Tomorrow, Federal Reserve two-day meeting will end giving more clues to investors for policymakers view on the economy.
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