The dollar is up across the board Wednesday morning following a tremendously positive and surprising report on private sector jobs in the United States.

The GBP was supported by yesterday’s release of a better than expected UK CIPS manufacturing PMI for December, with the data raising hopes that the UK’s recovery momentum can be maintained going into 2011. The GBP/USD rose sharply following a robust manufacturing report but failed to break from its bearish trend pattern as the pound has been under pressure on the back of a dimming growth outlook.
The December PMI reading improved to 58.3 from 57.5, beating expectations for a decline to 57.2 and reaching the highest level in …

Oil prices are pushing higher after reaching the highest mark in two years this week. A barrel of light sweet crude settled at $91.51, up $1.03, on the New York NYMEX Futures board Wednesday (December 23).

According to a recent survey by CNN Money, top economists are projecting a 3.1 per cent gross domestic product (GDP) for the United States economy during the final quarter of 2010, after a 2.6 per cent third quarter increase.

The euro remains under downward pressure versus other majors, falling to just below the $1.31 level against the dollar yesterday afternoon as Moody’s voiced concerns about Spain’s credit rating. It regained some composure overnight and in early morning trading on a round of short-covering, also aided by comments from China that it backed efforts by Europe to stabilise the global markets following the debt crisis, suggesting that it may up its share of eurozone debt in its foreign reserves. Nonetheless, downside risks remain as markets continue to focus on eurozone …

The euro has been hit hard overnight and in early Friday morning New York currency trade following news that the European Union members reached a deal to help prevent future debt problems in the region.