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  • Chicago PMI recovers at a softer pace than expected in June.
  • US Dollar Index clings to modest daily gains above 97.50.

The business activity in the Chicago area continued to contract in June with the ISM Chicago’s Purchasing Managers’ Index (PMI) coming in at 36.6. Although this reading showed an improvement when compared to May’s print of 32.3, it came in worse than the market expectation of 45.

Market reaction

The US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, largely ignored this data and was last seen gaining 0.15% on a daily basis at 97.61.