The British Pound overcame a reversal of a bullish dollar since the beginning last week and had slipped below the 1.20 level on Friday before the greenback suffered a setback from the June ISM manufacturing PMI reading. Commenting on this, Chris Weston, chief market analyst at Pepperstone.” Friday’s US ISM manufacturing report showed a significant deterioration in new orders and sub-components of employment and while inventories rose to 56.
The US dollar did not benefit from Friday's downside surprise in the ISM manufacturing survey or the core PCE price index, the Fed's preferred inflation measure, which paused for June on Thursday and dragged the annual rate down from 4.9% to 4.7% on the way.
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