News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/BH6Eka6RKG
  • 🇵🇱 GDP Growth Rate QoQ Final (Q4) Actual: -0.7% Expected: -0.7% Previous: 7.9% https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇵🇱 GDP Growth Rate YoY Final (Q4) Actual: -2.8% Expected: -2.8% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2021-02-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.61%, while traders in GBP/JPY are at opposite extremes with 72.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/b3tuV7OapN
  • Heads Up:🇵🇱 GDP Growth Rate QoQ Final (Q4) due at 09:00 GMT (15min) Expected: -0.7% Previous: 7.9% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Heads Up:🇵🇱 GDP Growth Rate YoY Final (Q4) due at 09:00 GMT (15min) Expected: -2.8% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: -0.45% Oil - US Crude: -0.87% Silver: -2.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cXgU6a33I1
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/7BRNW3EIH4
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇨🇭CHF: 0.02% 🇨🇦CAD: -0.06% 🇳🇿NZD: -0.32% 🇦🇺AUD: -0.45% 🇬🇧GBP: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/M9jiOV7Box
  • 🇨🇭 GDP Growth Rate QoQ (Q4) Actual: 0.3% Expected: 0% Previous: 7.6% https://www.dailyfx.com/economic-calendar#2021-02-26
US Dollar Losses Fade on ISM Non-Manufacturing Index Beat

US Dollar Losses Fade on ISM Non-Manufacturing Index Beat

Thomas Westwater, Analyst

ISM Non-Manufacturing Talking Points:

  • ISM non-manufacturing index registered 56.9, beating expectations of 55.4 and climbing above the previous month reading
  • Respondents of the survey noted that the strong economy is driving sales figures, but global trade risks linger
  • US Bond yields and US Dollar edge up on the strong data which suggests the US economy may not be slowing as quickly as previously thought

The latest report from the Institute of Supply Management was released on Wednesday morning to show that US non-manufacturing industries continue to grow. The reading for May came in at 56.9, beating expectations of 55.4 and up from 55.5 last month. This marks the 112th month of consecutive growth in the services sector. Business activity remains positive, but growth is slowing.

ISM NON-MANUFACTURING INDEX

ISM

The release caused a short-lived jump in the US Dollar and Treasury Yields. However, the impact of the release seems to have been overshadowed by this morning’s ADP job numbers, which revealed a stark weakening in the labor market after a reading of 27k job additions versus estimates of 185k. Traders may see this as a preface to Friday’s US nonfarm payrolls data being released Friday – a closely watched economic indicator by markets and could impact the Federal Reserve’s monetary policy decisions in the months ahead. Overnight swaps are now pricing in a June rate cut probability of 31.8 percent, almost double the odds priced in by markets yesterday.

DXY US DOLLAR INDEX PRICE CHART: 1-MINUTE TIME FRAME (JUNE 05, 2019 INTRADAY)

TNX

Despite most ISM survey respondents remaining largely upbeat on the state of the US economy, trade issues continue to be a concern. Employment activity continues to be positive component within the services sector, which posted its 6th month of consecutive growth. The beat in the non-manufacturing sector contrasts the weakness in the manufacturing sector, however, which came in under estimates for May. This could be due to the fact that the US services sector may be less susceptible to trade issues in the economy.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES