How was this morning's trading session? Want to BUY or SELL? - Kakiforex | Forex markets for the smart money. How was this morning's trading session? Want to BUY or SELL? How was this morning's trading session? Want to BUY or SELL?

June 2, 2021

How was this morning's trading session? Want to BUY or SELL?

 The US dollar held on to gains yesterday, having risen from a nearly five -month low against major rivals following encouraging manufacturing data.


U.S. manufacturing activity the ISM survey reported increased in May following the reopening of the economy that has driven orders higher.


However, at the same time the shortage of manpower and the shortage of raw materials have burdened production, thus seen to affect the economy as a whole.


At the time of writing, the dollar index was slightly down at 89.85 against a basket of major currencies at the start of the Asian session.



Meanwhile. the market was previously also shown with the final reading of manufacturing PMI data from the European Zone which saw a higher reading in May.


This has pushed the euro currency trading higher in the New York session to around the highs since January, before it returned to cut gains.


However, the PMI reading recorded in the UK was different, with a lower record than the previous reading.


The pound continued to decline lower from a 3 -year high reached on Tuesday, which may be due to profit -taking by investors after pushing the currency higher.


The Canadian dollar depreciated slightly, following a decline in crude oil trade following the OPEC+decision.