USD latest: ISM Services positive unvaried results Increase FOMC stance. The statistics confirm current inflationary conditions a bit.
USD shows a marginal decline after the ISM data release
USD DOLLAR In VIEW
Services from US ISM A few indices, including those: that fell short of forecasts. PMI numbers beat (according to the economic schedule) indicating the services industry remains in an expanding zone.
The index of business activity is -3.4%.
Jobless rate: 0.5%
-9.0% Inventory Sentiment
The growth of services was mostly driven by an uptick in new orders and a loosening of supply chain factors. Despite this, the majority of respondents expressed concerns as recessionary talk gains momentum. Despite their optimism about the state of the economy.
The ADP employment change number surprised investors with yet another strong reading in the run-up to the PMI report. In contrast, JOLTs vacancies and jobs in the services sector show that different parts of the job market are splitting. The ISM report’s decreased jobs looked to be its standout feature, which could ease the country’s extended stiff labor market events. The early response on the Dollar Index (DXY) graph indicated a minor sell-off.
This makes the impending FOMC statement highly anticipated because the Fed has a lot going on right now. Including a financial crisis and a choice that must be made about the US debt cap.
Overall, this is a positive report for the US economy. This gives us hope that the Fed will adhere to its plan to raise interest rates by 25 basis points
Economic Schedule of US Events
Brief Technical Perspective
The forming symmetrical triangle formation on the daily DXY graph. Appears headed for a flash move given the FOMC statement late today.
Key Levels
Resistance levels:
- 103.42
- 50-day MA (yellow)
- 102.81
- Triangle resistance
Support levels:
- 101.42
- Triangle support
- 101.00
- 100.79
