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DXY dips following lower-than-expected PMI data release

Weston Blystone
Written by
Weston Blystone

Weston Blystone

OFXpert

At OFX, Weston collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively.

| Tuesday 23 April, 2024

Daily Currency Update

The US Dollar Index (DXY) was down this morning around 0.35% to trade near 105.71 after the release of the Purchasing Manager’s Index (PMI) data. The Flash Manufacturing PMI, which surveys purchasing managers in the manufacturing industry about business conditions, came in lower than expected at 49.9 versus the anticipated 52. Similarly, Flash Services PMI, which focuses on the service industry, came in lower than expected at 50.9 versus the expected 52. This disappointing data pushed the USD again other major currencies including the EUR, CAD, AUD, and GBP so far today.

Key Movers

In the Eurozone, the EUR Flash Manufacturing PMI data was lower than expected at 45.6 versus 46.5. Conversely, the European Flash Services PMI was higher than expected at 52.9 versus the expected 51.8. The EUR came out strong today to trade up against the CAD and USD.

In the UK, the GBP was under pressure against the euro yesterday as pound touched its lowest level against the euro since early January 2024. The GBP recovered slightly this morning to trade up against the USD, CAD, and EUR. The GBP Flash Manufacturing PMI came in lower than expected at 48.7 versus 50.3 that was expected. Like its European neighbor, the GBP Flash Services PMI came in higher than expected at 54.9 versus 53 that was expected.

The Canadian dollar traded up this morning against the USD, however it was down versus the AUD, EUR, and GBP so far today. West Texas Intermediate (WTI) crude oil was up this morning to around 82.09. A gain of around 0.17% from yesterday’s levels. While there is not any notable data set to be released today in Canada, markets will be looking out for retail sales data tomorrow.

Expected Ranges

  • EUR/USD: 1.0638 – 1.0709 ▲
  • GBP/USD: 1.2331 – 1.2446 ▲
  • AUD/USD: 0.6441 – 0.6485 ▲
  • USD/CAD: 1.3658 – 1.3714 ▼

Written by

Weston Blystone

OFXpert

Weston is on a mission to help people optimise their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great fulfilment in working with diverse individuals, nurturing their company’s growth through tailored solutions.

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