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Dollar Struggling Below 1.3700

August 1, 2007 (Last updated on December 1, 2009) by

Another day marked by U.S. dollar’s struggle to hold below the 1.3700 mark and get out of the bearish trend. EUR/USD is waiting for more bull power before turning back to rising or is just being corrected by some good yesterday’s economical news from United States.
ISM reported on Manufacturing PMI in July disappointed many dollar bullish traders as it came out at 53.8%, below the 55.5% expected, showing some possible problems in the manufacturing sector of the U.S. economics.
Previous week’s oil inventories report showed a great decline of 6.5 million barrels of crude oil, while commercial petroleum inventories fell by 0.7 million barrels. But total present volumes of inventories remain satisfactional.
Today’s news are less encouraging than usually — but one day doesn’t mean a lot in the economics. Further news releases will tell us what to expect from U.S. economy and USD.

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