Analysis of the American trading session
During the American session on Friday, November 24, 2017, the US dollar declined against most of the major market currencies. The main pressure on the US currency was caused by a slight decline in business activity in the US.
- According to published preliminary data, the index of business activity in the manufacturing sector (PMI) in November fell to the level of 53.8, against the previous value at 54.6.
- The index of business activity (PMI) in the services sector also declined in November and was 54.7, versus the November value of 55.3.
The single currency rose significantly against the US dollar, due to the general weakening of the US currency, as well as due to the low trading activity. Also, support for the euro is provided by data on the business climate in Germany for November. See “Euro Keeps Growth“.
Alexander Sivtsov