All Eyes on the U.S. ISM Non-Manufacturing PMI Results
06.07.2022
- U.S. – Williams: Remarks by the President of the New York Fed
- U.S. ISM Non-Manufacturing Purchasing Managers' Index
In the U.S. currency market the previous day, the Dollar Index rose to 106.4, triggering a wave of U.S. dollar buying, and the EUR/USD pair fell by more than 200 pips from 1.044 to 1.023, hitting a new low for the year.The EUR/USD pair has already entered a support-free zone on the monthly chart, raising concerns about further declines. We will monitor the market closely to see if the downtrend continues, while keeping an eye on any potential corrective rallies.
European currencies have seen the euro and the pound plummet amid record-high inflation across various countries. The pound fell against the U.S. dollar by approximately 220 pips, from 1.212 to 1.189.Like the euro against the dollar, it hit a new low for the year. While the pound continues to fall amid soaring inflation, it will be interesting to see if economic data releases during European trading hours will cause any price movements.
Today’s schedule includes German manufacturing orders at 15:00 Asia time; remarks by UK MPC member Pill at 17:10 European time; the UK construction PMI at 17:30; European retail sales at 18:00;at 20:00, the U.S. MBA Mortgage Applications Index; at 22:00 U.S. time, remarks by Bank of England Deputy Governor Kanrif; remarks by U.S. Federal Reserve Bank of New York President Williams:President of the New York Fed, at 22:45 US time: US Services PMI, at 23:00 US time: US ISM Non-Manufacturing PMI and JOLTS Job Openings and Labor Turnover Survey, and at 27:00 US time: release of the FOMC minutes.We will be watching closely to see if the US dollar, which has been in demand, will fluctuate in response to these economic indicator releases during US trading hours.
Author: Keisuke Sakurai
