{"id":29250,"date":"2022-06-01T18:09:00","date_gmt":"2022-06-01T17:09:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=29250"},"modified":"2022-06-02T00:35:28","modified_gmt":"2022-06-01T23:35:28","slug":"us-dollar-surges-on-us-ism-manufacturing-pmi-data","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/","title":{"rendered":"US dollar surges on US ISM Manufacturing PMI data"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The ISM Manufacturing PMI for the US unexpectedly rose to 56.1 in May of 2022 from 55.4 in April, beating market forecasts of 54.5. New orders, production, and inventories grew at a faster rate while price pressures eased for a second month. More interestingly to me is that the New Orders Index also recorded a monthly advance, going up by 1.6 percentage points to reach 55.1%. Rising new orders means that there is economic expansion being priced into the economy in the coming months. Whether or not the ISM Manufacturing PMI is adjusted to meet the Philly Fed Manufacturing or vice versa doesn\u2019t really matter if the optimism is being baked in now for more economic growth to come, which goes against the narrative of recessions and pessimism being pushed by the financial media.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The response to the better-than-expected ISM Manufacturing PMI by the US dollar<\/a> was very bullish. If the close today is above the daily 9-period moving average, I will be considering a long US dollar trade for the foreseeable future as I felt the market had been prepping for a further down move today and will be now off-side. This would explain the large bullish candle we see at the time of the writing.<\/p>

The Fed wants to destroy demand to bring inflation under control and also sees a tight jobs market as being a potential inflationary pressure too. Today\u2019s Jolts job openings data in the United States decreased slightly in April compared to March, which will be seen as a positive to the Fed.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Mary Daly, president, and CEO of the Federal Reserve Bank of San Francisco, today that a neutral monetary policy stance would mean that the key interest rate is at 2.5% by the end of 2022. The current Effective Federal Funds Rate is currently below 1%, while the US 10-year yields<\/a> jumped higher today to touch 2.940%.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The rising benchmark yield once again lifted the USDJPY<\/a> which has now unwound 3 weeks\u2019 worth of corrective price structure in 3 days. The weaker yen is suffering a perfect storm currently, as the BoJ keep to an ultra-loose monetary policy, as the Fed go for a continued rate hike cycle. Added to this is the drag on the yen through the rising cost of energy, though official selling prices from the middle east to the far east have been dropping recently. The rising USDJPY has also helped push the AUDJPY<\/a> yen trade we\u2019re in higher, after the Australian GDP data lifted the Aussie during the overnight session.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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From the opening bell of the US index futures at 2.30pm the benchmark S&P500<\/a> dropped and brought down the global indices with it. I have been anticipating a correction as we need to know where the next level of support is and to print a higher low before we can really get excited about a new uptrend commencing for real. Many on Twitter are calling this the end of a bear market rally, so we must consider the possibility that this is true too. In a couple of days\u2019 time, we receive the NFP data which could be the catalyst needed to lift the markets, though that could also fall to the next FOMC meeting, where the bulls will be looking for a rate hike slow down. JPMorgan Chase & Co<\/a>. Chairman and CEO Jamie Dimon has claimed today that a “hurricane” is “down the road” for the United States economy. Just as his company receives a windfall of higher interest rates and the Fed starting to unwind the QE with their tightening programme. With the removal of bank reserves off the balance sheet, the banks will be able to lend more and at a higher interest rate.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The EURUSD<\/a> dropped heavily into the London close even after the EU unemployment rate at 6.8% came in as expected and ECBs Lane said it is robust to make the initial steps of normalisation and EU ambassadors debated the Russian sanctions.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The forex heatmap shows that the pound<\/a>, euro and yen<\/a> all weakened as the US dollar appreciated but that the commodity pairs held up relatively well.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Wrap The ISM Manufacturing PMI for the US unexpectedly rose to 56.1 in May of 2022 from 55.4 in April, beating market forecasts of 54.5. New orders, production, and inventories grew at a faster rate while price pressures eased for a second month. More interestingly to me is that the New Orders Index also […]<\/p>\n","protected":false},"author":5,"featured_media":29252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[154,18,67,279,22],"yoast_head":"\nUS dollar surges on US ISM Manufacturing PMI data - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US dollar surges on US ISM Manufacturing PMI data US dollar surges on US ISM Manufacturing PMI data\" \/>\n<meta property=\"og:description\" content=\"It turns out that I was spectacularly wrong in my expectations that the ISM would come in lower today and drag the US dollar with it. But the fact that the exact opposite of that hypothesis came true, means that as a trader I can adjust 180\u00ba. The new data is information and we all received it at the same time, so if I was off, evidently a lot of others were too. The idea is to now wait for a signal of a continuation higher in the US dollar or to wait for the price action to come back to the reaction low on the dollar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-01T17:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-01T23:35:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/gettyimages-169961097.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US dollar surges on US ISM Manufacturing PMI data US dollar surges on US ISM Manufacturing PMI data\" \/>\n<meta name=\"twitter:description\" content=\"It turns out that I was spectacularly wrong in my expectations that the ISM would come in lower today and drag the US dollar with it. But the fact that the exact opposite of that hypothesis came true, means that as a trader I can adjust 180\u00ba. The new data is information and we all received it at the same time, so if I was off, evidently a lot of others were too. The idea is to now wait for a signal of a continuation higher in the US dollar or to wait for the price action to come back to the reaction low on the dollar.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"US dollar surges on US ISM Manufacturing PMI data\",\"datePublished\":\"2022-06-01T17:09:00+00:00\",\"dateModified\":\"2022-06-01T23:35:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\"},\"wordCount\":718,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"DXY\",\"EURUSD\",\"US Dollar\",\"USA500\",\"USDJPY\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\",\"url\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\",\"name\":\"US dollar surges on US ISM Manufacturing PMI data - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2022-06-01T17:09:00+00:00\",\"dateModified\":\"2022-06-01T23:35:28+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-surges-on-us-ism-manufacturing-pmi-data\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US dollar surges on US ISM Manufacturing PMI data\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\",\"name\":\"Neville Hornsey\",\"description\":\"Neville Hornsey holds a BA Honours 2.1 in Professional Media and has been a professional trader since 2007. 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