US Dollar is trading down on fairly mixed ISM data.
The US Dollar (USD) is trading lower on Monday, with the Institute for Supply Management (ISM) figures serving as the primary cause of the Greenback’s weakening. The moves come after several data indications indicate that there is an easing underway. The job component even slid further into contraction, which could indicate that this week’s US Jobs Report and its Nonfarm Payroll The component might become ugly.
Markets are rising, with Europe up over 1% and US equities following suit.
With all Monday’s data points completed, traders will begin planning for Tuesday. The Factory Orders and US JOLTS Job Openings reports will reveal whether the US labor market is no longer as tight as traders believed. Already on Monday, it was evident that this would be a key week for the US Dollar Index (DXY).
Daily Market movers: The US Dollar Index trades in the mid-104.00 range, but drops to 104.00 following the ISM print.
Monday’s US schedule began with the announcement of the final S&P Global Manufacturing PMI for May. The final measurement was 51.3, which was higher than the expected 50.9.
At 14:00 GMT, the Institute for Supply Management issued the latest findings from its monthly poll for May: The component might become ugly.
Furthermore With all Monday’s data points completed, traders will begin planning for Tuesday. The Factory Orders and US JOLTS Job Openings reports will reveal whether the US labor market is no longer as tight as traders believed. Already on Monday, it was evident that this would be a key week for the US Dollar Index (DXY).
At 14:00 GMT, the Institute for Supply Management issued the latest findings from its monthly poll for May: Rate reduction. Interest rate increases are no longer considered an option.
Moreover The benchmark 10-year US Treasury Note trades at 4.41%, nearing the lower end of its monthly range of 4.34% to 4.61%.
