USD down against most majors following low PMI data
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Daily Currency Update
The US Dollar Index (DXY) was down this morning to trade near 103.96, with an 0.18% decrease. This dip came after the release of ISM Manufacturing Purchasing Manger’s Index (PMI) and Revised University of Michigan Consumer Sentiment data. The ISM Manufacturing PMI data came in at 47.8, lower than the anticipated 49.5. ISM Manufacturing prices were also lower than expected at 52.5 versus the expected 53.5. Similarly, the Revised University of Michigan Consumer Sentiment was lower than expected at 76.9, while the anticipated level was 79.6.Key Movers
In Eurozone news, the Final Manufacturing PMI came out slightly higher than expected at 46.5 versus 46.1. The European Core Consumer Price Index (CPI) Flash Estimate year-over-year, which excludes food, energy, alcohol, and tobacco, was higher than expected at 3.1% versus the anticipated 2.9%. The overall yearly CPI Flash Estimate was also higher than expected at 2.6% versus the expected 2.5%. These data releases have been positive for the EUR, which traded up so far today versus USD, CAD, and GBP.The Canadian dollar was up this morning against the weak USD but dipped versus the EUR, GBP, and AUD. Manufacturing Purchasing Manager’s Index (PMI) came in higher than the previous level of 48.3, at 49.7. Oil was also up today by around 2.03% to 79.85.
Expected Ranges
- EUR/USD: 1.0803 - 1.0827 ▲
- GBP/USD: 1.2601 - 1.2648 ▲
- AUD/USD: 0.6491 - 0.6518 ▲
- USD/CAD: 1.3557 - 1.3601 ▼