EUR/usd

Another attack of bears pushed the single currency down against the US dollar and the British pound yesterday. The reason for the pair's decline below the previous low was formally in the divergence of fundamental statistics. The final EU Services PMIs generally didn't reach the preceding and forecasted rates. The only exception was Germany, whose PMI was raised from 56.6 to 56.7, but even there the Composite PMI was revised down because of the reduction of the Manufacturing PMI. Upon the whole the EU services sector is demonstrating the most active growth since May 2011, but the fact that the index doesn't meet the forecasts arouses negative reaction among traders. The index is now at 54.2 against 52.8 a month ago. The growth of the Composite Index is slightly less pronounced. It is at 53.8, which is a point higher than in June and is also the three-month high. In contrast with it the US Services PMI by ISM rose from 56.0 to 58.7 against the expected growth to just 56.6. July's rate became the highest over the last 7 years (since June 2007). The US Factory Orders also went beyond all expectations. June's growth made 1.1% against the expected growth by 0.6% and the preceding drop by 0.6%. Besides, Fisher (fomc's member, a hawk) stated that the consensus of the committee members was getting closer to his opinion about earlier rate increases in the USA. Moreover, eurusd was affected by the liquidation of long positions in EURGBP after the release of the strong British Services PMI. 

GBP/USD

The British services sector made a pleasant surprise for pound-bulls. July's rate of the index grew to 59.1, which had been since last November. It should be mentioned that this case resembles last year's situation, when the indicator was actively growing from July till November. Over that period it rose as high as 1.6890, but above that level it stumbled over the strengthening US currency. However it also has to stand the test by the industrial production statistics, released this morning.

USD/JPY

The yen has again stalled after the powerful movements at the end of the last week. A new short-term low was temporarily set at 102.45. The high is reported at 103.0. It is of interest that the recent tide of USD's strength hasn't affected the pair much. It is a consequence of the negative performance of the stock exchanges. 

NZD/USD

The former carry-trade favourite proved to be the worst currency judging by its performance against the dollar in July. But there its misfortunes didn't end. The pair broke through its 200-day MA, falling to 0.8430 today. Note that trading is held below the levels set three weeks ago. The employment growth by 0.4% against the expected 0.7% is nothing but a driver of today's selling. The main reason, in the meantime, consists in the economic slowdown after a strong acceleration.