The US Dollar was bearish against all of its major pairs on Monday. On the economic data front, Markit’s US Manufacturing Purchasing Managers’ Index remained at 39.8 in the May final reading (40.0 expected), in line with the May preliminary reading. Construction Spending declined 2.9% on month in April (-7.0% expected), from a revised no change (0.0%) in March. On Tuesday, no major economic data is expected to be released.

The Euro was bearish against most of its major pairs with the exception of the CHF, JPY, and USD. In Europe, research firm Markit has published final readings of May Manufacturing PMI for the Eurozone at 39.4 (vs 39.5 expected), for Germany at 40.7 (vs 36.8 expected), for France at 40.6 (vs 40.3 expected) and for the U.K. at 40.6 (vs 40.9 expected).

The Australian dollar was bullish against all of its major pairs.

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The GBP/USD jumped 152 pips to 1.2495 making it the largest pip move in today’s trading. The pair continues to rise supported by a rising trendline after breaking above key resistance at around the 1.237 level. Intraday support can be seen at 1.2425 as prices look to test 1.26 resistance. A break below 1.2425 might pressure the pair down towards 1.237 support.

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