The DXY dips despite positive PMI data release
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Daily Currency Update
The US Dollar Index (DXY) dipped this morning by 0.07% to trade near 104.86 despite the release of positive Purchasing Manager’s Index (PMI) data. Flash Manufacturing PMI, which surveys purchasing managers in the manufacturing industry and asks them to rate business conditions, came in slightly higher than expected at 50.9 versus the expected 50. Flash Services PMI data also came in higher than expected at 54.8 versus the expected 51.2. Unemployment Claims weekly data came in lower than expected at 215,000 versus the expected 220,000. New Home Sales numbers came in lower than expected 634,000 versus the expected 677,000. The USD was down versus EUR, AUD, and CAD this morning.Key Movers
In the Eurozone, the EUR Flash Manufacturing PMI data was released higher than expected at 47.4 versus the expected 46.2. The EUR Flash Services PMI data came in a little lower than expected at 53.3 versus the expected 53.6. The EUR was up versus the GBP, USD, and CAD this morning.The GBP Flash Manufacturing PMI came in higher than expected at 51.3 versus 49.5 that was expected. While the GBP Flash Services PMI came in lower than expected at 52.9 versus the expected 54.7.
The CAD was up this morning against the GBP and USD. The New Housing Price Index (NHPI) month-over-month came in higher than expected at 0.2% versus the expected 0.1%. Oil was up by 0.46% to the 77.92 level this morning. Retail sales data is set to be released tomorrow, which might cause further movement for the CAD.
Expected Ranges
- EUR/USD: 1.0812 - 1.0861 ▲
- GBP/USD: 1.2701 - 1.2746 ▼
- AUD/USD: 0.6610 - 0.6653 ▲
- USD/CAD: 1.3656 - 1.3696 ▼