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  • ISM Chicago PMI improved at a stronger pace than expected in July.
  • US Dollar Index climbs to fresh daily highs above 93.00.

The ISM-Chicago’s Purchasing Managers’ Index jumped from 36.6 in June to 51.9 in July. This reading beat the market expectation of 43.9 by a wide margin. 

Market reaction

The greenback started to gather strength against its rivals in the American session with the upbeat data providing a boost to US Treasury bond yields. As of writing, the 10-year US Treasury bond yield was up 2.7% on a daily basis and the US Dollar Index was up 0.2% at 93.15.