Daily digest market movers: US Dollar recovers despite weak ISM PMIs, eyes on labor market data
- ISM Manufacturing PMI recorded a drop, shifting to 48.5 in June from 48.7 in April. This fell below the projected market expectation of 49.1.
- The Employment Index, part of the PMI survey, also marked a dip from 51.1 in May to 49.3.
- New Orders Index, on the other hand, witnessed an improvement from 45.4 to 49.3.
- High anticipation for the week comes for June's Nonfarm Payrolls to be released this Friday. According to Bloomberg's consensus, it is expected to be 190K versus 272K in May.
- Equally important will be Wednesday's report on ADP private sector jobs expected at 158K versus 152K in May.
- The release of May’s FOMC minutes will provide deeper insights into the Fed's cautious stance.
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