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EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Tests New Highs As ISM Manufacturing PMI Climbs Above 50
chart U.S. Dollar Index tests new highs as traders react to PMI reports. The final reading of S&P Global Manufacturing PMI report indicated that S&P Global Manufacturing PMI declined from 52.2 in February to 51.9 in March. ISM Manufacturing PMI improved from 47.8 in February to 50.3 in March. This is the first reading above 50 since September 2022, so it’s not surprising to see that traders focused on this report. Treasury yields rallied as bond traders bet on a more hawkish Fed, which was bullish for the U.S. dollar. In case U.S. Dollar Index settles above the 105 level, it will head towards the next ... (full story)