image credit: Adobe Stock

US Dollar Softens After Weak US Business Activity Data Raises Recession Odds

June 23, 2022

Via: DailyFX

U.S. economic activity continued to decelerate at the tail end of the second quarter, weighed down by sky-high price pressures and weakening demand conditions. According to S&P Global, its Flash Composite Purchasing Managers’ Index, which combines manufacturing and services production data, dropped to 51.2 in June from 53.6 last month, reaching its lowest mark since the start of the year when the omicron variant brought the recovery to a screeching halt. Any figure above 50 signals expansion while readings below that level indicate contraction.

Read More on DailyFX