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05.08.2014 16:03

Foreign exchange market. American session: the U.S. dollar increased against the most major currencies after the better-than-expected ISM service sector activity in the U.S. and factory orders in the U.S.

The U.S. dollar increased against the most major currencies after the better-than-expected ISM service sector activity in the U.S. and factory orders in the U.S. The ISM non-manufacturing PMI increased to 58.7 in July, from 56.0 in June, exceeding expectations for a rise to 56.6. That was the highest level since January 2008.

Factory orders in the U.S. jumped 1.1% in June, beating expectations for a 0.6% rise, after a 0.6% fall in May. May's figure was revised down from a 0.5% decline.

The euro dropped against the U.S. dollar after mixed economic data from the Eurozone. Retail sales in the Eurozone climbed 0.4% in June, in line with expectations, after a 0.3% rise in May. May's figure was revised up from 0.0%.

On a yearly basis, retail sales in the Eurozone jumped 2.4% in June, beating expectations for a 1.2% gain, after a 0.6% increase in May. May's figure was revised down from a 0.7% rise.

Eurozone's services purchasing managers' index rose to 54.2 in July from 52.8 in June, missing expectations for an increase to 54.4.

Germany's services purchasing managers' index increased to 56.7 in July from 54.5 in June, exceeding expectations for a rise to 56.6.

France's services purchasing managers' index climbed to 50.4 in July from 48.2 in June, in line with expectations.

The British pound increased against the U.S. dollar after the better-than-expected services purchasing managers' index in the UK, but later lost its gains. Services purchasing managers' index in the UK increased to 59.1 in July from 57.7 in June, beating expectations for a rise to 58.1.

The New Zealand dollar declined against the U.S dollar in the absence of any major economic reports in New Zealand.

The Australian dollar traded higher against the U.S. dollar after the Reserve Bank of Australia's interest rate decision, but dropped after the better-than-expected ISM service sector activity in the U.S. and factory orders in the U.S. The RBA kept its interest rate unchanged at 2.50%. This decision was expected by analysts.

The RBA said its accommodative monetary policy should provide support to demand and help growth to strengthen over time. Australia's central bank added that inflation is expected to be within the 2-3 per cent over the next two years.

The Reserve Bank of Australia governor Glenn Stevens said that there had been some improvement in the labour market.

Australia's trade deficit decreased to A$1.68 billion in June from A$2.04 billion in May. May's figure was revised down from a deficit of A$1.91 billion. Analysts had expected the trade deficit to decline to A$2.00 billion.

The Japanese yen traded lower against the U.S. dollar in the absence of any major economic reports in Japan.

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