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The ISM continues to offer a grim assessment

The ISM continues to offer a grim assessment | 02 August 2023

02 August 2023, USD/JPY

The ISM continues to offer a grim assessment

USDJPY trading plan:

U.S. manufacturing appeared to stabilize at weaker levels in July amid a gradual improvement in new orders, but factory employment dropped to a three-year low, suggesting that layoffs were accelerating. The Institute for Supply Management said that its manufacturing PMI edged up to 46.4 last month from 46.0 in June, which was the lowest reading since May 2020. It was the ninth straight month that the PMI stayed below the 50 thresholds, which indicates contraction in manufacturing, the longest such stretch since the 2007-2009 Great Recession. Economists polled by Reuters had forecast the index would rise to 46.8.

Investment idea: range 142.50 -143.50

David Johnson
Analyst of «FreshForex» company
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