Wall Street closed with gains, except for the heavy tech Nasdaq 100. US Treasury bond yields fell sharply, as odds for another rate hike lie at 52.4%. However, money market futures are already pricing in two rate cuts by the end of 2023.
Earlier data showed a slew of Manufacturing PMI data for the United States (US) flashed recessionary signs in the US. The S&P Global and ISM revealed that business activity contracted, with the latter decreasing to 46.3 in March, below the forecast of around 47.5. The gauge plummeted to its lowest since May 2020, weighed by worse-than-estimated new orders and employment measures.
The greenback continued to extend its losses, as the US Dollar Index fell 0.52% to 102.063. US
Consequently, the greenback erased some of its earlier gains, bolstered by higher oil prices. The US Dollar Index (DXY), which tracks the buck’s value vs. a basket of six currencies, slides from 103.05 to 102.20, down 0.38%.
On the Mexican front, Business Confidence in Mexico rose to 52.9, above February’s 52.1. The S&P Global Manufacturing PMI for March registered 51.6 points. In the last 32 months (since August 2020), the indicator has been above 50 points, which is still the expansion zone.
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