ng towards the critical hurdle of $1,680.00 as the market participants are expecting a decline in the US ISM Manufacturing PMI data, which will release on Monday.
As per the preliminary estimates, the US ISM Manufacturing data will release at 52.3 vs. the former release of 52.8. Accelerating interest rates by the Federal Reserve to bring price stability to the economy has forced the corporate to withdraw their expansion and investment plans. This is resulting in a decline in manufacturing activities in the US economy.
What is more haunting for the US dollar index is a significant decline in the consensus for ISM Manufacturing New Orders Index data. Theis seen at 49.6 vs. the prior release of 51.3. The economic indicator determines future demand by firms to cater to retail demand. A decline in New Orders Index data indicates sluggish demand ahead, which could be the result of a vigorous decline in the purchasing power of households due to mounting price pressures.
A bull cross, represented by the 20-and 50-period Exponential Moving Averages at $1,635.03 adds to the upside filters. While the Relative Strength Index will display a bullish momentum if it will overstep 60.00 decisively.
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