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Dollar drops back as EUR/USD and GBP/USD lift towards session highs

The earlier gains for the US dollar have all now gone, except versus the Yen. The pound and the Euro have continued to rise from earlier lows. The noted rejection of a break below the double bottom on the GBP/USD, at 1.2604 has now seen the price press above 1.2635. At the same time the EUR/USD has recovered to back above 1.0840 and both pairs are being buoyed by a series of higher service sector PMI revisions released from the UK, France and Germany. Indeed the UK Services PMI has just now been raised to 50.9, from 50.5 and the UK remains the only one of the three to enjoy expansion above 50. The move higher in the EUR/USD is still being driven by gains in the EUR/JPY and the same can be said of the GBP/JPY right now too. The noted buying just ahead of the 1.08 handle has been sufficient to cap the downside ahead of that level once more. The EUR/USD is currently trading at 1.0840 

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