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The U.S. Institute for Supply Management manufacturing index fell unexpectedly to 51.2 in October versus the expectation of a rise to 53.0, well below 52.9 in September. The ISM's index of prices paid fell to 47 in October (forecast was 58.0) from 61 in September.
The ADP Employer Services said companies in the U.S. added 128,000 jobs in October, higher than the expectation of a gain of 103,000 jobs, and much higher than the previous month’s 78,000 jobs added. Private-sector payrolls account for about 85 percent of the U.S. workforce.
The British pound rallied to 1.9137 after the release of U.S. ISM manufacturing index before retreating on profit taking. The greenback fell to a three-week low of 1.2405 against the Swiss franc before rebounding. The U.S. currency rose against the Canadian dollar to 1.1353 after the Canadian government said it plans to increase taxes on foreign investors who own the country's income trusts.
The ECB will announce its rate decision at 12:45GMT on Thursday and is widely expected to keep interest rate unchanged at 3.25 percent, however, traders are focusing on ECB President Trichet's speech at 13:30GMT to see whether he will signal policy makers are ready to increase interest rates in December. Thursday will also see the release of a series of U.S. economic data, including jobless claims, labour cost, productivity, factory orders and revised durable goods data. -------------------------------------------------------------
Updating time : 01/11/2006 22:11 GMT
Dollar falls briefly on soft U.S. data before rebounding on profit-taking
The U.S. Institute for Supply Management manufacturing index fell unexpectedly to 51.2 in October versus the expectation of a rise to 53.0, well below 52.9 in September. The ISM's index of prices paid fell to 47 in October (forecast was 58.0) from 61 in September.
The ADP Employer Services said companies in the U.S. added 128,000 jobs in October, higher than the expectation of a gain of 103,000 jobs, and much higher than the previous month’s 78,000 jobs added. Private-sector payrolls account for about 85 percent of the U.S. workforce.
The British pound rallied to 1.9137 after the release of U.S. ISM manufacturing index before retreating on profit taking. The greenback fell to a three-week low of 1.2405 against the Swiss franc before rebounding. The U.S. currency rose against the Canadian dollar to 1.1353 after the Canadian government said it plans to increase taxes on foreign investors who own the country's income trusts.
The ECB will announce its rate decision at 12:45GMT on Thursday and is widely expected to keep interest rate unchanged at 3.25 percent, however, traders are focusing on ECB President Trichet's speech at 13:30GMT to see whether he will signal policy makers are ready to increase interest rates in December. Thursday will also see the release of a series of U.S. economic data, including jobless claims, labour cost, productivity, factory orders and revised durable goods data. -------------------------------------------------------------
