US S&P Global Services PMI posts first contraction since 2023

US S&P Global Services PMI posts first contraction since 2023

The US S&P Global Services PMI in March reported that business activity in the sector is slowing sharply, falling to contractionary territory for the first time since January 2023, amid higher inflation and the war in the Middle East. The index fell from 51.7 in February to 49.8, according to S&P. They noted that, “Overall, […]

USD/JPY weakens despite strong US NFP as intervention risks cap gains

USD/JPY weakens despite strong US NFP as intervention risks cap gains

USD/JPY trades with a mild downside bias on Friday as lingering intervention fears support the Japanese Yen (JPY), even as the US Dollar (USD) remains firm against its major peers following the upside surprise in US Nonfarm Payrolls (NFP) data. Thin liquidity conditions due to the Good Friday holiday are also contributing to muted and […]

GBP/USD slips after blockbuster NFP revives Fed hold outlook

GBP/USD slips after blockbuster NFP revives Fed hold outlook

The GBP/USD extended its losses for the second straight day, down 0.12% after a stellar US Nonfarm Payrolls report, which could refocus the Federal Reserve on battling higher inflation that has remained above target for five years. At the time of writing, the pair trades at 1.3205. Strong payrolls and firmer yields keep Sterling on […]