10-yeas US Treasury bond yield pierces below 2% on Thursday. US Dollar Index erases large part of daily gains following US data. ISM Manufacturing PMI falls short of market expectation in July. Following a rally to a fresh two-month high above the 109 mark earlier today, the USD/JPY pair made a sharp U-turn and slumped to its lowest level in a week as the sharp fall witnessed in the US Treasury bond yields allowed the JPY to gather strength against its peers. As of writing, the pair was down 0.4% on the day at 108.30. Although Fed Chairman Powell’s remarks on the policy outlook yesterday caused investors to doubt another 25 basis points rate cut in September and allowed the US Dollar Index (DXY) to jump to its highest level in more than two years at 98.93, today’s data from the US weighed on the Greenback. Dismal PMI data hurts dollar The ISM Manufacturing PMI in July fell to 51.2 from 51.7 and missed the market expectation of 52 today. The DXY erased a large part of its daily gains after the data and was last seen at 98.65, still adding 0.08% on the day. The data also seems to be weighing on the Treasury bond yields. At the moment, the 10-year references is losing more than 2% on a daily basis, keeping the bearish pressure on the pair intact. Commenting on the data, “The drop was almost in full explained by a drop in both the production index and the employment index,” said Nordea Markets’ analyst Kjetil Olsen. “The more forward-looking new orders index was actually slightly up, and the new orders minus inventories series give hopes for a stabilisation in the near term.” During the early trading hours of the Asian session on Friday, the Bank of Japan will release the minutes of its last monetary policy meeting. Later in the day, the labour market data from the US will be the last significant data release of the week. Investors expect the Nonfarm Payrolls (NFP) to come in at 164,000 in July following June’s strong 224,000 reading. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Breaking: LedgerX physically settled Bitcoin futures yet to be approved by CFTC FX Street 4 years 10-yeas US Treasury bond yield pierces below 2% on Thursday. US Dollar Index erases large part of daily gains following US data. ISM Manufacturing PMI falls short of market expectation in July. Following a rally to a fresh two-month high above the 109 mark earlier today, the USD/JPY pair made a sharp U-turn and slumped to its lowest level in a week as the sharp fall witnessed in the US Treasury bond yields allowed the JPY to gather strength against its peers. As of writing, the pair was down 0.4% on the day at 108.30. Although Fed Chairman Powell's… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
