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Canadian dollar falls against the greenback

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USDCAD – Canadian dollar fell against the greenback and is trading at 1.0965 due to the decline in oil prices and rising concerns related to the fact that economic growth is accelerating at a faster pace than in the USA.

GBP – The pound rose against other major currencies due to the improvement in the PMI index which rose to 59.1 in July from 57.7 in June. According to most polls the Bank of England will keep interest rates at record low of 0.5% at its meeting to be held tomorrow on monetary policy this month.

The U.S. dollar has strengthened against other major currencies yesterday with the publication of data on the services sector that exceeded expectations. The ISM announced yesterday that its index PMI for services has risen in the U.S. to 58.7 in July from 56 recorded in June.

In Europe, the euro weakened against the dollar dropping to 1.3360 after the data on the services sector in Italy showed a slowdown in the sector in July. The euro zone services PMI index reached only 54.2 share, thus not reaching the estimated reading of 54.4.

Commodities

GOLD – the price is trading around 1290.00 thanks to U.S. data that exceeded estimates and restored momentum to the dollar and consequently decreased the demand for alternative investments.

SILVER – the price goes down and touched a low of six weeks at an altitude of 19,85 since the improvement of the dollar is reducing the interest in alternative investments.

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