THE US dollar got off to a firm start with end of month activity, positioning and book balancing after a volatile month.
Greece’s default on its debt also directed flow towards safe harbour assets, boosting demand for the US dollar, yen and Swiss franc. The greennack also ended firm on better than expected ADP employment, ISM manufacturing, construction spending data. The ISM purchasing managers manufacturing index rose to a five month high of 53.5 in June suggesting domestic demand is allowing American’s factories to withstand sluggish overseas economies.
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