US DOLLAR OUTLOOK: USD PRICE ACTION STILL STRONG FOLLOWING IN-LINE PMI REPORTUS Greenback continues to commerce on its entrance f
US DOLLAR OUTLOOK: USD PRICE ACTION STILL STRONG FOLLOWING IN-LINE PMI REPORT
- US Greenback continues to commerce on its entrance foot after the discharge of month-to-month PMI information
- IHS Markit report for March reveals US companies enterprise exercise at an 80-month excessive
- DXY Index trending upward as greater lows take kind and EUR/USD value motion slides
- Be taught extra about technical evaluation or learn up on commerce implied volatility
The US Greenback is buying and selling broadly greater thus far immediately with the DXY Index up almost 0.25% shortly after the New York opening bell. Markets are at the moment digesting the most recent spherical of preliminary PMI information for March 2021 simply launched by IHS Markit. The US PMI report crossed the wires largely in-line with forecasts and led to a comparatively muted response throughout USD value motion.
US DOLLAR INDEX PRICE CHART WITH TEN-YEAR TREASURY YIELD OVERLAID: 15-MINUTE TIME FRAME (24 MARCH 2021 INTRADAY)
Chart by @RichDvorakFX created utilizing TradingView
The headline composite PMI determine got here in at 59.1, which is a slight decline from the prior 59.5 studying. That mentioned, the flash US PMI report detailed that the companies enterprise exercise part rose to its highest stage in 80-months. Manufacturing output was mentioned to be constrained because of ‘in depth provide shortages,’ however items producers additionally famous the sharpest uptick in new orders since June 2014. The US Greenback noticed a slight enhance in fast response to the PMI information whereas the ten-year Treasury yield dipped a bit to 164-basis factors.
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IHS MARKIT PMI REPORT – EUROZONE VS UNITED STATES COMPOSITE DATA (MARCH 2021)
General stable US PMI information is following go well with of better-than-expected Eurozone PMI report launched earlier this morning. That mentioned, with the Euro-area battling its third wave of covid and weathering prolonged lockdown measures, along with one other large US fiscal stimulus bundle hitting the system, it’s doubtless that EUR/USD stays underneath stress. Seeing that EUR/USD value motion is the biggest part of the DXY Index by far with a 57.6% weighting, this might preserve propelling the broader US Greenback greater.
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— Written by Wealthy Dvorak, Analyst for DailyFX.com
Join with @RichDvorakFX on Twitter for real-time market perception
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