Daily Market Update
with Shawn Cruz

5 min read

While the Dollar Grows Stronger, Investors Weigh the Health of the Service Sector

Shawn Cruz Director of Derivative Strategy, TD Ameritrade

(Wednesday Market Open) The U.S. dollar is moving higher once again this morning and pushing towards another 52-week high. As I’ve mentioned many times before, a strong dollar could be a drag on multinational companies.

Potential Market Movers

Equity index futures were pointing to a lower open this morning in reaction to the higher U.S. currency, but investors are also awaiting several economic reports. After the market open, the market will get a good look at the service side of the economy with the latest releases for S&P U.S. Services PMI and the ISM Services Index. Based on consumer spending, the service economy has been solid in the last few months. Analysts are hoping that it continues to boost the economy and offset any slowing in goods consumption.

The JOLTS job openings report also arrives after the open and should provide insights to the overall strength of the economy as well as Friday’s June Employment Situation report.

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