Published: 2024-06-05T14:11:20.000Z
USD flows: USD up on services ISM
Senior FX Strategist
4
Strong bounce in ISM services underpins the USD
The USD has firmed up on the back of the strong bounce in the non-manufacturing ISM PMI, which followed the similar strong bounce in the S&P PMI. While a rise had been expected the strength of the recovery offsets some of the weaker data seen in recent weeks, and should maintain a firm USD tone into the employment report on Friday. The strength was mainly in new orders and business activity, with the employment index still a bit subdued and the price index falling, so there will still be a watchful eye on the employment report, and the initial USD positive response may not extend too far.