Daily digest market movers: US Dollar recovers as markets asses fresh data
- On Thursday, data showed that the US manufacturing sector showed continued contraction with a mounting pace in July, as indicated by the ISM Manufacturing PMI dropping to 46.8 from June's 48.5.
- This fell below market expectations of 48.8. Also, the Employment Index of the PMI survey witnessed a sharp decline to 43.4 from June's 49.3.1.
- The New Orders Index also fell to 47.4 from 49.3. However, the Prices Paid Index, which measures inflation, saw a slight increase to 52.9 from June's 52.1.
- Moreover, US citizens applying for unemployment benefits saw a rise of 249K in the week ending July 27, according to the US Department of Labor (DoL) on Thursday. These readings surpassed the initial market consensus of 236K, and were higher than last week's gain of 235K.
- Key Nonfarm Payrolls data will be released on Friday, which will ultimately determine the market's position in relation to the Fed's decision in September
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