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US dollar teetering on the brink ahead of a crucial Non-farm Payrolls
The outlook for the dollar was well set until the ISM data this week which has deteriorated considerably on both manufacturing and services sectors. The data has shaken belief that the US economy can insulate itself from the global slowdown. Slowing to a three year low, the ISM Non-Manufacturing fell to 52.6, suggesting the manufacturing sector contraction is feeding into services too. It is said that the ISM Manufacturing data miss has implications for the global slowdown, whilst the Non-Manufacturing data miss reflects the US domestic economy. This will feed through negatively to the outlook for US GDP. In another ... (full story)