China’s Services Sector Growth Decelerated - 4.6.2012

The euro returned under pressure and the greenback accelerated gains against the majors on Monday, June 4. Asian stocks also mainly fell under pressure in the morning, following disappointing macro data from the United States at the end of last week, as well as from China. The number of payrolls increased by 69000 in May while the unemployment rate rose from 8.1% to 8.2%, the US Labor Department reported. China’s services sector at the same time expanded last month at the slowest pace in more than a year, according to the nation’s Statistics Office – the non-manufacturing PMI index dropped to 55.2 from 56.1. The single currency is trading at the beginning of the European session slightly above 1.2400 against the dollar after touching on Friday the lowest level since July 2010 – 1.2287. The dollar also appreciated in the morning versus the swissie, the loonie and the aussie.