USDJPY, H1
U.S. Markit manufacturing PMI dipped to 50.5 in flash print for May, the lowest since September 2009. The index fell to 50.8 in April from 51.5 in March. It was 54.0 a year ago. The index hit a high of 57.9 in August 2014 and has generally been on a downward trajectory ever since. New orders declined versus April and are expanding at the slowest rate since December 2015, in large part thanks to weakness from foreign demand. But, input prices rose for a second straight month, though inflation remained moderate overall and was running at a slower overall pace than the series average. The squeeze on US manufacturing continues with a strengthening USD, insipid global demand and the FED looking to hike interest rates, it’s not getting any easier. USDJPY trading above day lows at 109.40 but off the 110 handle by some way today.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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