All eyes are on the results of the U.S. ISM Non-Manufacturing Purchasing Managers' Index

All eyes are on the results of the U.S. ISM Non-Manufacturing Purchasing Managers' Index

06.07.2022

In yesterday’s U.S. currency trading, the Dollar Index rose to 106.4, triggering a wave of 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-less 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 corrective rallies.

European currencies have seen sharp declines as record-high inflation hits various countries, with the euro and the pound plummeting. The pound fell against the dollar by approximately 220 pips, from 1.212 to 1.189. Like the euro, it hit a new low for the year. While the pound continues to slide amid soaring inflation, it will be interesting to see if the release of economic indicators 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 (Europe time), the UK construction PMI at 17:30, Eurozone retail sales at 18:00, the US MBA mortgage applications index at 20:00, remarks by UK BOE Deputy Governor Canrif at 22:00 (US time), and US Fed Governor Williams:NY Fed President, at 10:45 PM US time US Services PMI, at 11:00 PM US ISM Non-Manufacturing PMI, US JOLTS Job Openings and Labor Turnover Survey, and at 3:00 AM US time the release of the FOMC minutes. We will be closely watching to see if the currently strong US dollar will fluctuate following the release of these indicators during US trading hours.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?