US dollar fails to benefit from upbeat S&P Global PMIs

The DXY Index is 0.16% down, pointing to the 103.675 mark at the time of writing. The dollar is experiencing choppy trading due to China’s National People’s Congress, where markets were not impressed by the stimulus package to restore China’s growth and economy.

This has triggered risk aversion and pushes Gold and Bitcoin to new all-time highs. The S&P Global Purchase Managers Index (PMI) numbers were upbeat, but the Institute for Supply Management’s PMI release came below estimates.

The deterioration of Factory Orders further pushes the dollar further in the red territory. The Redbook Index jumped from 2.7% to 3.1% on Tuesday’s economic calendar. The ISM Services data for February showed that the headline Services PMI went from 53.4 to 52.6, below the expected 53.00, and the Services Employment Index shrunk from 50.5 to 48.

US Factory Orders for January declined far more than the expected 2.9% and came in at -3.6%. Fed Vice Chairman Michael Barr is set to deliver two speeches on Tuesday.