FXStreet (San Francisco) - As Jamie Coleman from FXBeat said in a recent article, the currency market performed in an old fashioned risk rally mode on Tuesday with the Sterling flying even more; the USD/JPY recovering positions and commodity currencies rallying.

The EUR/USD declined after 2-day of wins as the pair was rejected by the 1.3700 area. Currently, EUR/USD is trading at 1.3679, down 0.10% on the day, having posted a daily high at 1.3701 and low at 1.3676. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish.

The Sterling was the king of the day again with the GBP/USD extending gains to reach fresh highs since 2008 at 1.7165. Currently, GBP/USD is trading at 1.7149, up 0.26% on the day, having posted a daily high at 1.7168 and low at 1.7096.

In an interview in the Live Analysis Room, independent trader Vladimir Ribakov affirmed that the GBP/USD could trade as high as 1.8000/1.8500 into year end.

USD/JPY extended its recovery from Monday's lows at 101.20 to trade as high as 101.60 today's session. Currently, USD/JPY is trading at 101.54, up 0.22% on the day. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.

Main headlines in the American session

Markit final June US manufacturing PMI 57.3 vs 57.5 expected

US: ISM Manufacturing PMI slightly down to 55.3 in June

May US construction spending +0.1% vs +0.5% expected

US stocks open the quarter with fresh highs; GBP/USD fresh highs since 2008

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