USD Weakness Amid Disappointing PMI Data

Written by

Anthony Bull

Daily Currency Update

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USD Weakness Amid Disappointing PMI Data

Yesterday’s release of the ISM Manufacturing PMI for May showed a decline to 48.7, below the forecast of 49.6 and the previous 49.2. This disappointing data highlights ongoing contraction in the U.S. manufacturing sector, bolstering the case for potential earlier interest rate cuts by the Federal Reserve.

USD Weakness

Today remains relatively quiet in terms of data. At 07:30, Switzerland will release its Consumer Price Index (YoY) for May, with a forecast of 1.4%. At 07:55, the Eurozone will announce the Unemployment Rate for May, expected to remain steady at 5.9%.

USD Weakness

Yesterday’s poorer than expected PMI data led to the U.S. dollar trading down to multi-month lows against both the pound and the euro. The GBP/USD pair is currently trading just above 1.2700, with the dollar’s weakness being broad-based.

USD Weakness

The GBP/EUR remains nearly unchanged, oscillating within a tight level of 1.1744. The exchange rate has printed a daily low at 1.1738, while an intraday high is scored at 1.1746, indicating a drop by 0.03% from the previous level.

USD Weakness

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