US dollar is control after strong ISM Manufacturing PMI

The US dollar was already recovering in the wake of the second quarter, perhaps also feeling festive ahead of the 4th of July fireworks.

The data gave it another reason to be cheerful. The ISM Manufacturing PMI came out at 57.8 points, much higher than 55 that was anticipated.

  • EUR/USD has reached a new low at 1.1360, a former line of resistance. It still remains well above the pre-Draghi levels.
  • GBP/USD is down to 1.2940, also impacted by its own manufacturing PMI, which was disappointing.
  • The greenback marches forward against the yen, extending the gains towards 1.13.30.
  • USD/CAD is at 1.2980, with the loonie presenting some relative strength. AUD/USD is down to 0.7650 despite the upbeat Chinese PMI.

Is the beginning of a rally for the dollar? Not necessarily. After the Independence Day parties, the US dollar faces a few hurdles: the FOMC meeting minutes and the Non-Farm Payrolls.

Get the 5 most predictable currency pairs[1]

from Forex Crunch

from Online Forex Trading Resource
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