FX : U.S. Stocks up ahead of U.S housing/ manufacturing data; Dollar pulls down
FXstreet.com (Barcelona) - U.S. markets have opened mixed ahead to U.S. manufacturing ISM and Existing home sales data. The Dollar is pulling down after rallying against Euro and Pound.
Dow Jones Industrials Index adds 0.20% and the Nasdaq Index rises 0.90% while the S&P Index trades 0.44% above the opening level in the first hour of trading.
Investors think on stock markets going through correction after five months of rally, even more if we take in account that September has generally been a profit-taking month, therefore, we could expect a correction of about 10% from recent high.
Dollar eases after recent rally
EUR/USD reached an intra-week high at 1.4378 on early European trading to plunge almost 100 pips to hit 1.4285 low, and the pair is picking up together with stock markets, reaching levels around 1.4325 ahead of U.S. data.
GBP/USD rose to 1.6377 high on European session although the pair was hammered by weak U.K data which triggered a 200 pips selloff bringing the Pound to Monday's low at 1.62185, to bounce on early U.S. session to 1.6250.
USD/JPY remains trading in a range from 92.85 to 93.3
