The dollar lost ground allowing the Euro to gain traction following a softer than expected ISM manufacturing report that pushed U.S. yields lower. The
The dollar lost ground allowing the Euro to gain traction following a softer than expected ISM manufacturing report that pushed U.S. yields lower. The lower yields eased dollar strength pushing the EUR/USD currency pair back to short term resistance near the 10-day moving average at 1.12. Additional resistance is seen near a downward sloping trend line at 1.1330.
U.S. ISM manufacturing index fell to 50.2 in September, versus expectations of 50.7 after dipping to 51.1 in August versus July’s 52.7. It’s a 3rd straight monthly decline and is the lowest reading since May 2013. The employment sub-index dropped to 50.5 from 51.2 and is the lowest since the 48.3 in April. New orders slid to 50.1 from 51.7.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
