US Flash Manufacturing PMI saw a dip below 50 at 49.9, technically signalling a contraction, against consensus forecast of 52.0 while Flash Services PMI also fell short to read 50.9 against the consensus forecast of 52.0. As a response we are seeing across the board dollar weakness with Cable making the most of the situation given the firmer read in the UK’s Flash Services PMI at 53.0 though its manufacturing sector was equally disappointing with Flash Manufacturing PMI at 48.7. Earlier we saw a similar divergence for the Eurozone results with stronger than expected Flash Manufacturing PMI at 45.6 while services came in strong at Flash Services PMI 52.9. Despite the seeming weakness of the US dollar bears are advised not to get ahead of themselves these are just one set of data point unlikely to gain traction in the medium run.
US Flash PMI Disappoints Dollar Weakens Across the Board
