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Following the ISM index, selling pressure on the dollar increased and the dollar-yen fell to the lower half of 156 yen. = NY foreign exchange news.
In response to the ISM manufacturing index released at 23:00 Japan Standard Time, the USD is being sold heavily, causing the USD/JPY to drop to the mid-156 yen level. US Treasury yields are also sharply declining, pushing down the USD/JPY. The ISM manufacturing index has fallen for two consecutive months to 48.7 and has fallen further below the judgment criterion of 50. Although strong content was expected from the US regional Federal Reserve index and the US manufacturing PMI announced by S&P, the market is showing a sensitive reaction to the unexpected results. New orders, production, and employment indices all declined.
EUR/USD Calm as Eurozone Manufacturing Improves
The euro has posted slight losses on Monday. EUR/USD is trading at 1.0835 in the European session, down 0.11% on the day.
US Dollar Steadies as Traders Brace for Data-packed Week
The US Dollar trades mixed against its major peers on Monday.
The final value of the Eurozone's manufacturing PMI in May was slightly revised down, but it still hit a 14-month high.
The contraction rate of Eurozone manufacturing has slowed for the third consecutive month, and production activities are approaching stability. In addition, the contraction of new orders, exports, and purchasing activities has also slowed, and business confidence has further increased. According to the HCOB report published by S&P Global on Monday, the final value of the Eurozone manufacturing PMI in May was 47.3, down 0.1 percentage point from the initial value of 47.4, but still a 14-month high, compared to 45.7 in April. The manufacturing business climate is still declining, but the degree of decline has dropped to the lowest level in more than a year. The output index in May rose to 49.3, also a 14-month high, indicating that production continues to trend towards stability.
EUR/USD Outlook: Eases on Weaker Demand, Markets Await for ECB's Verdict
The Euro started to lose traction in European trading on Monday, adding to initial warning from Friday’s daily candle with long upper shadow, which was formed after strong upside rejection.
Murrey Math Lines: EUR/USD, GBP/USD
EUR/USD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend.