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US dollar soared following ISM data

Mohamed Abdelhamid 6 September, 2023 7:22 pm Forex Market, Market Update

On Wednesday, the US dollar (USD) is causing traders to lose their bearings. During morning European trading hours, when the Greenback was trading more subduedly, the Euro was the talk of the town.

The European currency quickly rose in value as a result of the hawkish remarks made by two members of the European Central Bank, which highlighted the fact that markets had not yet priced in the potential of yet another hike in September.

The Forex world was turning upside down at 14:00 GMT, when the US Dollar Index printed a new six-month high and the Euro was headed for a three-month low. The Institute for Supply Management (ISM) data served as a catalyst for this abrupt change. In particular, the Purchase Manager Index (PMI) and all other data

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