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USD Erases Overnight Weakness as ISM Solidly Tops Forecast

DATA REACT
  • Greenback surges in response to the higher-than-expected ISM Services Index, with not only the headline beating expectations (56.5 vs. Exp. 53.5) but the prices subcomponent also held stubbornly at 70.0. Similarly, business activity came in strong at the highest level since Q1 this year.
  • The greenback rallied in response, putting EUR/USD at new session lows of 1.0504 before stabilizing. Gold came under pressure, putting spot to $1775.03, below Friday's post-NFP low of $1778.65.

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