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The US dollar is under pressure across the board following weak data. USD/JPY dropped to 109.94, reaching the lowest level since Tuesday. The pair quickly bounced back above 110.00 but still faces downward pressure.
USD down on data
The slide of the greenback started after the release of the ISM non-manufacturing index that came at 53.9 in July, below the 57.0 expected by analysts and under the 57.4 of the previous month. It is the lowest reading in 11 months. Earlier, another report of the service sector, the Markit PMI surpassed expectation by rising to 54.7 (above the 57.2 expected).
US ISM disappoints on growth, but some signs of pipeline price pressures - ING
Today’s data contributes to rising speculations that the Federal Reserve could extend the pause in its tightening cycle over the next months. Attention regarding data now points toward tomorrow’s non-farm payrolls. Market consensus expects an increase of 183K jobs during July.
USD/JPY Levels to watch
The area around 110.00 is being tested. The pair traded below several times during the week but it always managed to recover. If it consolidates below, it would open the doors to a slide toward 109.50. On the upside, resistance levels might be seen at 110.25 (Aug 2 low), 110.55 (Asian session low) and 110.80 (daily high).
