Learning to trade Forex.
The yen declined and the pound rose after HSBC Holdings Plc posted an unexpected profit and former Federal Reserve Chairman Alan Greenspan said the most severe recession in at least five decades may be ending.
Economic growth may resume at a rate faster than most economists foresee, Greenspan said in an interview yesterday on ABC's "This Week" program, predicting 2.5 percent in the current quarter.
The pound rose for a sixth day against the euro, gaining to 84.89 pence as the U.K.'s Chartered Institute of Purchasing and Supply and Market Economics said today manufacturing expanded in July for the first time in more than a year.
Japan's currency fell against all its 16 most-traded counterparts on increased demand for higher-yielding assets as HSBC reported its results. U.S. manufacturing shrank in July at the slowest pace in almost year, a report from the Institute for Supply Management is forecast to show today.
The yen weakened 1 percent to 159.76 per pound at 7:12 a.m. in New York, from 158.23 on July 31. Japan's currency dropped 0.5 percent to 135.70 per euro and slid 0.3 percent to 94.97 per dollar. The U.S. currency declined 0.2 percent to $1.4290 per euro, compared with $1.4257.
