USD PRICE OUTLOOK: US DOLLAR BULLS TAKE A STAND AFTER LATEST PMI DATAUS Greenback recovering misplaced floor following the most r
USD PRICE OUTLOOK: US DOLLAR BULLS TAKE A STAND AFTER LATEST PMI DATA
- US Greenback recovering misplaced floor following the most recent launch of month-to-month PMI knowledge
- USD worth motion supported by general stable readings on US financial exercise
- DXY Index turns optimistic on the day as EUR/USD tumbles and USD/JPY spikes
The Buck is perking up because the US buying and selling session comes on-line and market contributors digest August 2020 manufacturing PMI knowledge simply launched by the Institute of Provide Administration. Previous to the opening bell on Wall Avenue, the broad-based US Greenback Index was deep within the crimson, down almost 0.4% intraday. In massive because of the general stable PMI report that topped market expectations, nonetheless, the US Greenback has since caught a bid and erased earlier losses.
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US DOLLAR INDEX PRICE CHART: 5-MINUTE TIME FRAME (01 SEP 2020 INTRADAY)
Chart created by @RichDvorakFX with TradingView
In accordance with the DailyFX Financial Calendar, the ISM Manufacturing PMI for August 2020 was clocked at 56.0, which beat the median forecast in search of a studying of 54.5 on the headline index. A studying above 50 signifies financial exercise is increasing. Additional proof that the US financial system stands on comparatively sturdy footing as enterprise exercise recovers from the coronavirus pandemic doubtless serves as a welcomed growth for US Greenback bulls – notably as Eurozone PMI knowledge slumps and their progress trajectory diverges from that of america.
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The DXY Index now trades in optimistic territory on the day with EUR/USD worth motion dropping 73-pips from intraday highs and USD/JPY climbing 52-pips from intraday lows. EUR/USD and USD/JPY are the 2 largest elements of the DXY Index at 57.6% and 13.6%, respectively.
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— Written by Wealthy Dvorak, Analyst for DailyFX.com
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