US PMIs beat down the Dollar

Source: Dukascopy Bank SA


On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity.

Both PMIs were forecast to reveal an expansion with a reading of 52.0. Actual numbers were 50.9 for Services sector and a reading of 49.9 for the Manufacturing sector.

In addition, there are additional findings in the published data. First of all, the latest increase in output has been the smallest this year, which signals a decline of industry.

In April, a reduction of new goods orders occurred for the first time in six months. Companies have been decreasing employment for the first time since 2020. Business confidence has declined to a low level not observed since November.

Moreover, input costs have continued to rise more than output prices, as manufacturing input cost inflation has reached a one-year-high level.
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