Forex: Morning Update

Greece’s decision to hold a referendum to approve the latest bail-out plan and the parliament’s vote of confidence on the current government have triggered new tensions in the euro area and are threatening the financial stability of the region.

The Swiss PMI dipped to 46.9 in October from 48.2 in September.

US construction spending was up by 0.2% in September from August following a 1.6% month-on-month rise the previous month. The ISM Manufacturing index eased to 50.8 in October from September’s reading of 51.6, while the ISM Prices Paid index contracted to 41.0 points in October following a reading of 56.0 points in September and below expectations of a just a slight decline to 55.1.