The US dollar opened the week lower, knocked back by Euro strength, but is now trading at its best levels of the session after the latest German inflation data and US ISM report.
EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.19% 🇬🇧GBP: 0.06...in the US manufacturing sector contracted in June for the third straight month, and the 19th time in the last 20 months, according to the latest ISM manufacturing report.
According to Timothy Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee, “Demand remains subdued, as companies demonstrate an unwillingness to invest in capital and inventory due to currentand other conditions. Production execution was down compared to the previous month, likely causing revenue declines, putting pressure on profitability. Suppliers continue to have capacity, with lead times improving and shortages not as severe.
The US Dollar Index picked up a very small bid after the data but the greenback’s price action today is being driven by the Euro after the first round of the French elections on Sunday. The Euro accounts for nearly 58% of the US dollar index. The Euro opened the week higher after the results of the first round of voting suggested that the French right-wing party RN would not get an overall majority in the second round of voting.
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