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Demand remains weak, production is snowing

Demand remains weak, production is snowing | 04 July 2023

04 July 2023, USD/JPY

Demand remains weak, production is snowing

USDJPY trading plan:

US factory activity contracted in June. The decline in the ISM production gauge, which also fell to the lowest level since May 2020, suggests demand for merchandise remains weak. The index of new orders contracted for a 10th straight month and order backlogs shrank, which may help explain a pullback in a measure of manufacturing employment. The ISM gauge retreated to a three-month low and, at 48.1, indicates fewer producers adding to payrolls. The slowing US economy is causing the business forecast to be revised/reduced for the remainder of 2023. Customers are less inclined to purchase far in advance.

Investment idea: range 144.05 -144.90

David Johnson
Analyst of «FreshForex» company
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