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RationalFX : The dollar had a mixed day yesterday

RationalFX : The dollar had a mixed day yesterday, as positive manufacturing ISM data was balanced out by poor employment data and uncertainty around further fiscal stimulus …

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The headline figure on the ISM Manufacturing Index climbed to a fifteen month high of 54.2, beating expectations and helping sentiment along the way. Initially this also reinforced the belief that the greenback has been oversold, but proceeding data showed heavy job losses in the manufacturing sector. The employment sub-index remained below 50%, indicating that companies continued to reduce jobs in the month of July.

As the day progressed, we also saw increased uncertainty around the timing and likelihood of additional US fiscal support and continuing rise in coronavirus cases. This eroded the early gains and leads investors to be increasingly doubtful about the sustainability of an economic recovery.

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