Global macro overview for 06/04/2016:
The US services sector reported a higher economic activity in March. The Institute for Supply Management reported that the ISM Non-Manufacturing index increased to 54.5 in March from 53.4 in the preceding month. Non-manufacturing industries account for more than 80% of the US economy. The sector was growing for six years, though its expansion cooled earlier this winter. In conclusion, the index is still above the 50-point level, so expectations concerning future are still positive and the GDP revisions might be to the upside.
Let’s now take a look at the US Dollar index technical picture in the daily time frame. The longer term chart shows another lower low has been made since the top at the level of 100.50. It looks like the golden trend line is being tested from the downside now any failure to break out higher would result in another downward rally. Bears are still in control over this market.
The material has been provided by InstaForex Company – www.instaforex.com
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