US Dollar Remains Firm Despite Soft US PMI, Equities Under Pressure
24 Jan 2022 14:45, GMTWhat's on this page
U.S. PMI Main Talking Points:
- Markit Manufacturing PMI Flash: 55 actual vs 56.7 estimated
- Markit Composite PMI Flash: 50.8
- Markit Services PMI Flash: 50.9 actual vs 57.6 estimated
- US growth slows to an 18-month low with Omicron wave
U.S. PMI
being an important economic indicator brings to light the difficulties that the manufacturing and service sectors are currently facing because of the pandemic. It is at no surprise that the supply chain issue has continued with labor shortages and disruptions due to rising cases and most recently, Omicron wave.
U.S. Dollar
remained firm regardless of 18-month low with the main drivers being demand growth remaining resilient, input price inflation softening, and firms were able to increase their workforce despite labor market conditions.
US Dollar Index Price Chart
Created by Kaithleen Pesantez
--- Written by Kaithleen Pesantez, Market Strategist for DailyFX.com
Contact and follow Kaithleen on Twitter: @ktpesantez
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.