US DOLLAR OUTLOOK IMPROVES AS FIRMING FOMC UNDERSCORED BY ROBUST NONFARM PAYROLLS, ISM MANUFACTURING PMI REBOUNDThe US Dollar piv
US DOLLAR OUTLOOK IMPROVES AS FIRMING FOMC UNDERSCORED BY ROBUST NONFARM PAYROLLS, ISM MANUFACTURING PMI REBOUND
- The US Dollar pivoted again to session lows and erased all earlier NFP good points following the October ISM Manufacturing PMI report that missed expectations
- The ISM Manufacturing Report crossed the wires at 48.three vs expectations of 48.9 vs prior 47.8
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The US Greenback whipsawed as soon as extra following the newest US NFP and ISM Manufacturing PMI experiences. A sturdy nonfarm payrolls print initially despatched the US Greenback surging as an resilience seen throughout the American labor market is squashing recession fears, however upside was rapidly erased after the ISM Manufacturing PMI determine got here in beneath consensus.
US DOLLAR INDEX PRICE CHART: 5-MINUTE TIME FRAME (NOVEMBER 01, 2019 INTRADAY)
Chart created by @RichDvorakFX with TradingView
The US Greenback – measured by the DXY Index – initially spiked on a sturdy nonfarm payrolls report launched earlier within the session however rapidly reversed again towards intraday lows after the ISM Manufacturing PMI information crossed the wires.
CHART OF ISM MANUFACTURING PMI
The headline ISM Manufacutirng PMI for October got here in at 48.three and compares to the market’s estimate of 48.9 and prior studying of 47.8.