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Forex - Dollar mostly lower after China PMI report

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Investing.com - The U.S. dollar traded lower against most of its major rivals during Monday's Asian session following the release of China's June PMI data.

In Asian trading Monday, EUR/USD rose 0.07% to 1.3021. On Sunday, Greek leaders and international creditors resumed talks regarding how the country can access EUR8.1 billion in bailout funds. The talks resumed following a two-week break that saw Greece's already fragile government flirt with collapse.

Meanwhile, Irish Finance Minister Michael Noonan said his country is preparing to tap the European Stability Mechanism. Noonan is looking to recoup some of the EUR30 billion Ireland spent to help recapitalize other euro zone banks.

USD/JPY rose 0.17% to 99.35 after the Bank of Japan's tankan survey showed surprisingly positive sentiment among large manufacturers in the world's third-largest economy. The sentiment reading for large manufacturing enterprises jumped to 4 from a previous reading of -8. Economists expected readings ranging from 3 to 4.

The reading applies to the second quarter and is the first positive reading in two years. Sentiment among large non-manufacturers jumped to 12 from 6 in the first quarter. The survey also showed sentiment among mid-sized manufacturers improved to -4 from -14.

GBP/USD inched up 0.04% go 1.5216 while USD/CHF nudged lower by 0.03% go 0.9447. USD/CAD was slightly lower by 0.03% at 1.0518 despite lower oil prices.

In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's final reading on June U.S. consumer sentiment was 84.1, well above the initial reading of 82.7. Economists expected a final June reading of 82.8.

Chicago are PMI fell to a 51.6 reading from 58.7 in May. Economists expected a June reading of 55. Readings above 50 indicate expansion.

AUD/USD rose 0.21% to 0.9163 while NZD/USD added 0.12% to 0.7754 after China's official June PMI reading came in at 50.1 compared with the expected reading of 50 and 50.8 in May.

The U.S. Dollar Index fell 0.06% to 83.37.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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