During the European trades, the US dollar has been suffering from increasing pressure. Its counterparts are taking an advantage of the weaker greenback. The sterling is worth attention today as the British currency came off its lows to trade near 1.33 level against the US dollar. Yesterday, the Bank of England monetary policy meeting took place, where the official bank rate was kept unchanged in line with the expectations of the analysts. However, the number of officials voted for monetary tightening in the near future increased. Perhaps fixing profits on the US dollar buy deals and the hawkish stance of the MPC's members will allow the GBP/USD pair to develop an uptrend. The single European currency is also rising today, but mainly because market participants are closing buy deals with the greenback ahead of the weekend. The EUR/USD pair is trading slightly below 1.1650 level after gaining 1.5%.
Macroeconomic statistics from the eurozone encouraged trades. In Germany, the preliminary PMI composite increased to 54.2 from 53.4, beating forecasts for the same figure of 53.4. However, the manufacturing Purchasing Managers' Index edged down to 55.6 from 56.9. Meanwhile, the business activity indicator for the services sphere advanced to 53.9 from 51.1. The Composite PMI for the eurozone unexpectedly climbed to 54.8 from 54.1 in May. The services PMI rose to 55 from 53.8, while the similar indicator for the manufacturing sphere inched down to 55 from 55.5 in line with the forecasts of the economists. Next week, the euro area will deliver high impact data only on Friday, while the EU leaders summit will be held on Thursday. Experts believe that until then the EUR/USD dynamic will depend on investing sentiment towards the greenback.