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Next week, we will have the major employment data baked into the market. So it’s time to look to the future.

As the services sector was the most impacted by COVID, non-manufacturing PMIs have come to the forefront in terms of market impact.

And there is reason to believe that the results this time around could give some strength to the dollar. But for the wrong reasons.

The Broader Context

Last month’s PMI slipped a bit, though still remained healthily in growth territory.

That wasn’t out of line with the circumstances, since we were coming off the peak of the “second wave” of coronavirus cases. There was renewed talk of another round of shutdowns, as government stimulus had been held up by political wrangling.

But for this month some of those excuses aren’t valid; the second wave has come and gone.

The trend has shifted towards reopening, even if the largest states – California and Texas – continue to look at stricter measures. Businesse...


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