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Greenback Undermined by Weakness in ISM Employment

FOREX
  • GBP/USD held on to early gains and gained further through the London close as markets extended their response to the UK government U-turning on the unfunded abolition of the top rate of tax. While the move itself is a relatively small measure, the move has settled prices as it may show the government will heed market warnings in the future. GBP/USD headed through the London close just shy of the $1.13 level.
  • Meanwhile, the USD was among the poorest performers in G10 following a sharp miss for ISM Manufacturing PMI, which dropped to 50.9 vs. Exp. 52.0. The employment sub-component was a particular source of weakness, slipping to 48.7 ahead of Friday's nonfarm payrolls.
  • The downtick in the greenback helped alleviate pressure on USD/JPY, which had approached levels last seen just prior to formal intervention from the Japanese ministry of finance. USD weakness marked the pair lower, putting Friday's lows at 144.21 within range.
  • The RBA rate decision takes focus going forward, with median consensus looking for a 50bps rate rise to 2.85% this month. Later in the Tuesday session, Fed's Logan, Williams, Mester, Jefferson & Daly are on the docket, with ECB's Lagarde also set to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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