Data Focus

Yesterday’s ISM manufacturing survey came in unexpectedly negative, reversing the recent trend of strong U.S. data. The export index dropped to its lowest level in five years, possibly signaling that retaliatory measures are starting to take effect. This adds further pressure to the entire manufacturing sector, which is already weighed down by trade policy uncertainty and weakening consumer demand.

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The April JOLTS report is set to be released later in the trading day, with a close eye on job openings and layoffs. April’s durable goods orders are also expected to show weakness. If another round of soft data emerges, especially from the labor market, it could push the U.S. dollar back toward its April lows.