Strong ISM services data has helped to stem the recent US dollar sell-off with the business activity index seen at its highest level since November 2022.
IG Client Sentiment Update: Our data shows the vast majority of traders in Oil - US Crude are long at 82.91%, while traders in EUR...The latest ISM services report shows US business activity in robust shape with the headline index beating forecasts and last month’s reading by a margin., slower supplier deliveries and despite the continued contraction in employment. Survey respondents indicated that overall business is increasing, with growth rates continuing to vary by company and industry.
The 200-day sma, the recent uptrend, and the 38.2% Fibonacci retracement are all acting as near-term resistance. Friday’s US Jobs Report has now become the main release of note, and any further signs of weakness in the US jobs market could cause the dollar to fall further.
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