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The US ISM non-manufacturing PMI for August collapsed to a 6-year low yesterday, pushing back investors’ expectations for the next FOMC rate hike. The dollar came under renewed selling pressure immediately on the news and continued to trade even lower against its major peers in the following hours. This disappointment follows a similar nose-dive in the ISM manufacturing PMI, which showed that the sector contracted in August, and a slowdown in the US jobs growth. Even though these are just one mo…
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Dollar wins out
It was a funny day full of whipsaws in most pairs and quite a lot of action for a Monday. In the end it all resolved to the Dollar strength after ISM Manufacturing PMI came out at 52.8 vs. 51.9 expected and 51.5 previous.
USD/JPY made a new 13-year high and is currently approaching Daily Resistance 3 just below the big 125.00 level. It will likely be some selling around there, but the quick stop run up to Weekly Resistance 1 at 125.25 is not excluded.
USD/JPY made a new 13-year high and is currently approaching Daily Resistance 3 just below the big 125.00 level. It will likely be some selling around there, but the quick stop run up to Weekly Resistance 1 at 125.25 is not excluded.
EURopean deflation slows
Euro ticked higher in the morning on better than expected (less deflationary) CPI data. However, it wasn't able to push through Friday high just below 1.1250. ISM Manufacturing PMI just came out and it slightly missed expectations, but the Dollar is still being bought as Euro turned lower and USD/JPY broke 120 (again).