- The dollar tumbled on Tuesday’s session across the board as the September rate hike odds diminishing quickly.
- The US non-manufacturing ISM composite fell to the lowest level since February 2010.
Post the US non-manufacturing ISM data the US rate hike odds slipping and last week’s NFP suggest the US economic momentum is slipping.
Citigroup strategist Andrew Hollenhorst and Andrew Labelle believes that weak performance in August ISM non-manufacturing employment sub-index limits 8 revised payrolls growth prospects, altUSDhough statistically associated with almost non-existent between the amendments increase the employment component of the ISM and non-farm payrolls, but weak ISM but may weigh on the employment report substantially revised vision.
Dollar index hit most major rival currencies fell, including high-yielding currencies since July 29 the largest single-day decline against the dollar, such as the Australian dollar and the South African rand against major rival currencies dollar mostly fell, including high-yielding currencies such as the Australian dollar and South African rand, ISM index showed that the rate of expansion in the non-manufacturing sector in August hit its weakest level in six years, the United States to suppress interest rate outlook-Wallstreetcn.
What’s on today?
July JOLTS job openings forecast 5.58M vs 5.62M
Review: The number of hires was 5.1 million in June, essentially the same as May. The hires rate was 3.6 percent in June.
The dollar index is trading 94.85 on Wednesday’s Asia session. The index has been facing strong resistance seems at 20Msma, rejected six straight months. But the index remains above the ascending trend line.
The parallel support finds at 94.70 and earlier the index has a support base finds between 94.00 and 94.25 levels. Below these 93.00 and 92.75 exists. The 100Wema finds at 93.80 levels.
Alternatively, resistance seems at 95.20, 96.00 and 96.40. The cross stopped with a double top seems at 96.50 and 97.55 levels.