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Positive macroeconomic statistics from the United States

Positive macroeconomic statistics from the United States | 02 June 2022

02 June 2022, USD/JPY

Positive macroeconomic statistics from the United States

USDJPY trading plan:

U.S. manufacturing activity picked up in May as demand for goods remains strong. The Institute for Supply Management said that its index of national factory activity rebounded to a reading of 56.1 last month from 55.4 in April. A reading above 50 indicates expansion in manufacturing, which accounts for 12% of the U.S. economy. Demand for goods remains resilient even as spending is shifting back to services like travel, dining out and recreation. Goods spending surged as the COVID-19 pandemic restricted movement. News on the inflation front was encouraging. A measure of prices paid by manufacturers dropped to a reading of 82.2 from 84.6 in April, supporting views that inflation has probably peaked.

Investment idea: buy 129.70 and take profit 130.33.

David Johnson
Analyst of «FreshForex» company
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