US DOLLAR GAINS AS EUROPE’S ACTIVITY OUTLOOK FACING ISSUES
The US Dollar sees substantial buying in the European session on Monday.European PMIs collapsed in September, as traders await the US ones on Monday. The US Dollar Index pops higher and reclaims 101.00 in early Monday trading. The US Dollar (USD) strengthens on Monday and trades above 101.00 after the preliminary S&P Global and Hamburg Commercial Bank (HCOB) Purchase Managers Index (PMI) data portrayed a very sketchy picture for France, Germany, and the broader Eurozone. The nosedive in activity means issues ahead and shifts the negative focus now towards Europe. The Greenback is seeing a flight to safety, away from the Euro, which is bleeding on all fronts. On the economic data front, traders will be able to compare the PMIs from Europe with the ones out of the US. The S&P Global PMIs for the United States (US) will be released ahead of the US trading session, with the Services component as the most important one. With nearly all PMI indicators in Europe in contraction, it rather looks like Europe is heading into a recession, while the US is still enjoying resilient activity.
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