Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.