💵🔺Dollar Tends to Rise During On Svcs Sector Outperformance: Cable FX Macro

• Using our own measure of the dollar vs G10FX, the Cable FX Macro Index <.RDDXY>, we found a historical appreciation of the greenback as the services sector outperforms manufacturing

• The histogram displays a spread between the ISM Svcs and Mfg PMIs, above 0 means that the services sector index is higher than the manufacturing

• The current economic situation sits in line with the Fed's "higher for longer" rhetoric, given the U.S. exposure to manufacturing. We will receive the August ISM manufacturing reading on Friday session