Global Foreign Exchange Market
SIGNS of fragility in the global economy became evident as the week was characterized by a slew of weak global economic data. Fears of faltering growth in the United States, the world’s largest economy, resurfaced following weak spots in the housing, manufacturing and labour sectors. US pending home sales declined to 30.0% in May while manufacturing, as measured by the ISM Index, fell by a higher-than-expected 5.9% in June as export orders softened on the back of uncertainties emanating from the European debt crisis.