The ISM Manufacturing PMI edged down to 59.9 in July from 60.6 in June, below market forecasts of 60.08. The reading pointed to the second consecutive month of slowing factory growth and the weakest in 6 months. “Panelists’ companies and their supply chains continue to struggle to respond to strong demand due to difficulties in hiring and retaining direct labor. Comments indicate slight improvements in labor and supplier deliveries offset by continued problems in the transportation sector. High backlog levels, too low customers’ inventories and near record raw-materials lead times continue to be reported. Labor challenges across the entire value chain and transportation inefficiencies are the major obstacles to increasing growth,” says Timothy Fiore, Chair of the ISM.
EURUSD saw a relatively small reaction to today’s data releases. The most popular currency pair is testing local support at 1.1880 which coincides with 50 SMA ( green line). Source: xStation5
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