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PMI expected to take largest one month plunge in series history to the lowest level since the financial crisis as the US dollar retains its safety preference until virus news improves, FXStreet’s Joseph Trevisani reports.

Key quotes

“The overall non-manufacturing index is expected to plunge to 44 in March from 57.3 in February. If accurate it would be the largest single month drop in the 23 year history of the series and the third time that the general index has fallen below 50 and into contraction.”  

“New orders are predicted to decrease to 56.6 from 63.1 and employment is thought to fall to 53 from 56.6.  The forecasts for these important component indexes are far more sanguine than the overall gauge.”

“Until the pandemic relents the US dollar seems destined to keep it safety status.”