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US dollar bounces back after the Institute for Supply Management (ISM) reported the pace of growth in the U.S. manufacturing sector slowed more than expected in July while new orders hit their lowest level since 2009 (50.9 in July vs. est. 53.0 and 55.3 in June), sending the 10- year yield to the lowest level since November. As a result, investors As a result invest their wealth in "save haven" currency.
Although U.S. political leaders thrashed out a deal over the weekend, this still has to be passed by both the Senate and the House of Representatives later Monday, with the latter expected to be tight. Currency traders are also worried that the deal might not be sufficient to placate the rating agencies.
Swiss franc rebounds against the US dollar. Today the franc reached a record high again.
Japanese yen also weakens after today’ advance.
The euro appeared under pressure as the PMI showed that UK and EU manufacturing activity unexpectedly slowed. This intensified concerns over the situation in the European economies. In addition, today the IMF lowered its forecast for UK GDP of 2011 and 2012.
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