Forex Today: US ISM Manufacturing PMI gave the dollar a respite
|Here is what you need to know on Wednesday, September 2:
After falling to fresh lows throughout the first half of the day, the dollar managed to recover some ground. The trigger was an upbeat ISM Manufacturing PMI, which spurred some profit-taking. Nevertheless, the dollar is still the weakest across the FX board.
EUR/USD hit 1.2011 before retreating, while GBP/USD reached 1.3481. Commodity-linked currencies held on to higher ground against the greenback, underpinned by the solid performance of Wall Street. European indexes, however, closed in the red.
In the Brexit front, UK PM Johnson’s spokesman reiterated this Tuesday that there is no possibility of extending the Brexit transition period, which ends on December 31.
The final versions of the Markit Manufacturing PMIs came in mixed. German, Spain and US data were downwardly revised from preliminary estimates. The US final index was reported at 53.1 for August, below the preliminary estimate of 53.6, although the official ISM Manufacturing PMI for the same month surprised with 56, better than the previous 54.2.
Gold surged to $1,989 a troy ounce, but ended the day at $1,969, amid dollar’s renewed demand during the American session.
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