Foreign exchanges remain relative unchanged by economic cheer

Foreign exchanges remain relative unchanged by economic cheer

Story link: Foreign exchanges remain relative unchanged by economic cheer

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The US dollar remained unchanged against the euro on Wednesday, at $1.1907, while it rose 0.4 percent to ¥112.15, a thirteen-month high against the yen, which remains weak due to rising oil prices.

Better-than-expected non-manufacturing data in the US didn’t have much influence on the value of the dollar in relation to other currencies. Figures from the Institute of Supply Management showed that their June index rose to 62.2, up from 58.5 in May. New orders and employment were both up, but export orders were down from 62 in May to only 50 in June.

Sterling rose a bit against the yen and the US dollar, but it did not respond much to either relatively positive economic data or the announcement from the International Olympic Committee that the 2012 Olympic Games would be held in London.

Industrial production figures rose by 0.1 percent in May, where a decline had been expected. Manufacturing output stayed the same in the face of an expected decline of 0.2 percent. Sterling was up 0.5 percent to ¥197.01 against the yen and rose 0.1 percent to $1.7577 in relation to the US dollar. It was unchanged at £0.6778 against the euro.

The Swedish krona, meanwhile, rose 0.3 percent to SKr 9.3873 in relation to the euro. The krona has gained 0.8 percent against the euro in the past two days after comments by the governor of Riksbank that the krona had retreated too much after a recent cut in interest rates.