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Rich Asplund

Dollar Supported by Strong May ISM Services Report

ECB US Federal Reserve Euro United States BOJ

The dollar index (DXY00) today is up by +0.31%. The dollar raced to its high today as T-note yields rose after the May ISM services index rose more than expected, a hawkish factor for Fed policy. The euro is being undercut by expectations for the ECB to cut interest rates on Thursday. Also, today’s mixed news on Japanese wages weighed on the yen to the dollar’s benefit. On the bearish side for the dollar, the US May ADP employment change rose less than expected, a dovish factor for Fed policy.

The US May ISM services index rose +4.4 to 53.8, stronger than expectations of 51.0 and the highest level in 9 months.

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