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The United States Institute for Supply Management has published its Purchasing Managers Index survey results. Results are worse than expected, which is causing a decline of the US Dollar.
Markets expected the results to show a reading of 49.2 that would indicate a decline in the sector. A reading above 50 indicates growth, but a reading below 50 shows decreasing conditions. Actual released number was 48.5. Namely, US manufacturers are doing worse than expected.
In the current market environment bad economic data signals that the Federal Reserve can cut USD interest rates, which would weaken the demand for the US Dollar.
Mon, 01 Jul 2024 14:06:25 GMT
Source: Dukascopy Bank SA
The United States Institute for Supply Management has published its Purchasing Managers Index survey results. Results are worse than expected, which is causing a decline of the US Dollar.
Markets expected the results to show a reading of 49.2 that would indicate a decline in the sector. A reading above 50 indicates growth, but a reading below 50 shows decreasing conditions. Actual released number was 48.5. Namely, US manufacturers are doing worse than expected.
In the current market environment bad economic data signals that the Federal Reserve can cut USD interest rates, which would weaken the demand for the US Dollar.