US: ISM Chicago PMI declines to 66.8 in August vs. 68 expected

ISM Chicago PMI came in lower than expected in August.
US Dollar Index stays in the negative territory near 92.50.

Eren Sengezer FXStreet

The Chicago Purchasing Managers Index released by ISM-Chicago dropped to 66.8 in August from 73.4 in July, showing deteriorating business conditions across Illinois, Indiana and Michigan. This reading came in lower than the market expectation of 68.

Market reaction

This report doesn't seem to be having a significant impact on the USD's performance against its major rivals. As of writing, the US Dollar Index was down 0.2% on the day at 92.51.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD edges lower but remains close to multi-month top, awaiting US PCE

The GBP/USD pair trades with a negative bias below mid-1.3600s during the Asian session, eroding a part of the previous day's strong gains. Spot prices, however, remain within striking distance of a six-month top, set last Friday, as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index data for a fresh impetus.

EUR/USD Remains sideways ahead of key US events

EUR/USD clinches humble gains around 1.1670 following Tuesday’s close on Wall Street. Indeed, marginal losses in the US Dollar encourages spot to set aside two dauly pullbacks in a row and maintain the 1.1700 barrier on the cross-hairs for now. Moving forward, US inflation tracked by the PCE and another revision of Q2 GDP data should keep investors entertained on Wednesday.

Gold trades with negative bias below $4,650 as USD edges higher ahead of US PCE

Gold attracts fresh sellers following the previous day's two-way price swings, and trades below $4,650. The US Dollar regains positive traction amid some repositioning ahead of the release of the US Personal Consumption Expenditures Price Index and is seen as undermining the commodity. The crucial US inflation data, along with Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole Symposium on Friday, might offer more cues over the interest rate path.

Dogecoin, Shiba Inu, Pepe: Profit-taking cools last week’s rally

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are losing their bullish momentum after last week’s double-digit gains. Facing downside pressure amid profit-taking, DOGE and PEPE risk further decline while SHIB holds at a support level.

America’s self‑inflicted trade wound

I’m conflicted about the trade war that the U.S. has started with Canada. Let’s be clear: any representation that Canada has been taking unfair advantage of the U.S. or that they have been treating us badly for years is a bogus characterization. In reality, the shoe is on the other foot. It’s the U.S. that has been behaving badly.

Canada hits US goods with tariffs; The rate market sees a problem

On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.