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USD Slips as ISM Confirms Deceleration

FOREX
  • Monday was a generally quiet session for news, but markets still found excuses to nudge currencies, with a poorer-than-expected ISM Manufacturing release leading to a solidly USD negative environment. The employment component was of particular interest, with the rate of growth slowing to 55.1 from the 59.6 previous - which may cause some uncertainty in Friday's NFP release.
  • At the other end of the table, one of last week's poorest performers, GBP, was the strongest currency in G10 Monday. Confirmation over the weekend that the UK will look to remove all Coronavirus restrictions in June may have helped solidify the outlook, but the UK Bank Holiday kept most traders away, clouding the signal somewhat.
  • Focus Tuesday turns to trade balance data from Australia, the US and Canada as well as the March factory orders numbers. The Reserve Bank of Australia rate decision also crosses. The RBA are seen keeping the main policy tools unchanged this month. Speeches are scheduled from ECB's Villeroy and Fed's Daly & Kaplan.
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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