The mover of the day was USD, weakening across the board following a lower-than-expected ISM manufacturing number in the afternoon, once again highlighting a slowdown in the US economy. Both GBPUSD and EURUSD briefly hit new 3-month highs.
*Daily move - against G10 rates at 7:30am, 04.06.24
** Indicative rates - interbank rates at 7:30am, 04.06.24
Just the JOLTS job openings today for markets to focus on, with a consensus view of fewer openings in April than in March. USD weakness looks set to continue so long as data from the US continues to come on the soft side, signalling chinks in the economy. Looking at the USD index, yesterday's weakness saw a breach of the rising trendline that had been in pace since December, and continued declines through this level could well signal an end to the December uptrend. USD buyers should be on alert and look to put Limit Orders in at, or near, the 2024 highs, particularly ahead of Friday's job numbers.
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