February ISM Manufacturing PMI Hits a Pandemic High, USD Firm Above 91.00 2021-03-01 15:00:00 Izaac Brook,
ISM Manufacturing & US Dollar Talking Points:
ISM Manufacturing PMI for January prints at 60.8 versus forecast of 58.8
Print is slightly higher than December’s, setting a new pandemic high
DXY strength continues following late February’s Treasury yields volatility Advertisement
February ISM Manufacturing PMI Hits a Pandemic High, USD Firms Above 91.00
US manufacturing activity in Februarybeat expectations as the ISM Manufacturing PMI printed at 60.8 versus a forecast of 58.8, hitting its highest level since 2018. While activity declined between December and January, February’s print shows continued strength from the manufacturing sector.
The 10-year Treasury yield surging above 1.5% ignited an acceleration in FX market volatility and US Dollar demand on Thursday. Will the intensifying bond selloff help fuel a US Dollar rebound?
The Dollar surged 0.6% into the February open with the index now up more than 2.6% off the January low. Here are the levels that matter on the DXY technical charts.
US Dollar Outlook: USD Snaps Back- Are Bears Taking Control? 2021-01-21 16:30:00 Michael Boutros, Strategist
US Dollar Technical Price Outlook: DXY Near-term Trade Levels
US Dollar technical trade level update – DXY Daily & Intraday Charts
USD rebounded falters ahead of downtrend resistance- pullback testing initial support
Yearly open support 89.87/93 – Resistance at 91 and 91.32/44 (key) Advertisement
The US Dollar Index plunged more than 0.6% since the start of the week with the recent DXY rally faltering just ahead of broader downtrend resistance. So, is the USD recovery over? While the broader outlook remains weighted to the downside, the recent sell-off keeps price within the confines of the near-term advance and we’re looking for a reaction just lower for guidance in the days ahead. These are the updated technical targets and invalidation levels that matter on the US Dollar I
USD/JPY price action, which is the second largest component of the US Dollar Index, appears to be consolidating headed into a press statement from president-elect Biden detailing his covid aid pack.