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USD up versus EUR and GBP

USD up versus EUR and GBP

Mixed news for GBP – The Queen’s Diamond Jubilee provided a much needed boost for retailers according to a release by the CBI. The release revealed retail sales rose by 1.4% in May, the fastest pace of growth in 18 months, with nearly 60% of retailers reporting increased sales. Confidence among retailers was also higher. Further signs that the UK housing market remains in the doldrums came from the British Bankers’ Association. The report revealed mortgage approvals are more than 3% lower than 12 months ago, with net mortgage lending down by the largest amount since records began in 1997. Households are continuing to pay down debt suggesting that consumers are unlikely to seek new borrowing to fund additional spending.

Good news for USD – Concerns that US manufacturing is faltering eased yesterday after durable goods orders improved in May, after declines for the previous two months. Further good news regarding the health of the US economy came with pending home sales which bounced back in May to equal the two-year high seen in March.

Wait and see for EUR – With the EU Summit starting today.

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