The US Dollar was seen trading slightly higher against the European single currency, as the US economic reports revealed weaker than estimated results on Tuesday. The EUR/USD currency pair fell 6 base points, where the Euro was strong enough to return in the 1.1835 area.
The Institute for Supply Management stated that its non-manufacturing PMI for the US fell to 57.4 in November, compared with 60.1 in October, suggesting that the services sector’s growth slowed due to moderation in both export and new orders. Another release showed that the country’s trade deficit widened to a nine-month high in the same month amid higher oil prices and lingering deficits with Mexico and Canada, despite the strong increase of exports to the both countries.
