US ISM Non-Manufacturing Gives the USD the Killing Blow
The USD has been the only thing to turn to, in this global economic weakness. All other major currencies are pretty risky to buy as the major economies have been slowing considerably. But, after the deeper contraction we saw from the US ISM manufacturing report for that sector, the USD was put into question as well.
The USD turned bearish, but traders were waiting for the ISM non-manufacturing report today, so the decline stalled during the European session. But, the ISM non-manufacturing number came in pretty weak as well, so the USD resumed the bearish trend. Here are the details of the non-manufacturing report:
Headlines:
- ISM non-manufacturing index 52.6 vs 55.0 expected
- Three-year low
- Prior was 56.4
- Estimates ranged from 54.0 to 57.5
- Prices paid 60.0 versus 58.2 last month
- New orders 53.7 versus 60.3 last month
- Employment 50.4 versus 53.1 last month – lowest since Feb 2014
- Backlog of orders 54.0 versus 49.0 last month
- Inventory change 53.0 versus 55.0 last month
- Inventory sentiment 58.0 versus 56.0 last month
- New export orders 52.0 versus 50.5 last month
- Imports 49.0 versus 50.5 last month
- Business activity 55.2 vs 61.5 last month
This is a three year low and details don’t look too good. New orders declined considerably but at least, new export orders increased. Now, the USD has turned bearish once again and it’s declining across the board on fears that the US economy might head into contraction.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals