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Improved November US ISM Manufacturing Lifts USD/JPY to ¥103.00

Improved November US ISM Manufacturing Lifts USD/JPY to ¥103.00

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- ISM Manufacturing at highest level since April 2011.

- Employment subindex at 2013 high, suggesting jobs growth >+160K.

- US yields spike higher, Dollar enjoys brief bump.

Maufacturing activity in the United States continues to grow at its fastest pace since April 2011, and jobs growth in the sector is at a 2013 high, according to today’s ISM Manufacturing report. The headline figure marked the sixth consecutive improvement over the prior month, and with subcomponents such as New Orders and Production improving, it appears that demand for US-made goods is improving.

Ahead of Friday’s Nonfarm Payrolls report, the ISM survey only offers a small insight into the broader labor market picture. The more important releases will come on Wednesday, when the ADP Employment Change (NOV) and ISM Services (NOV) reports will be released. With respect to the latter, about two-thirds of US jobs are service-based, which means the Services report is more useful than today’s Manufacturing for an outlook on the US labor market.

Here’s the data that lifted the US Dollar earlier:

- ISM Manufacturing (NOV): 57.3 versus 55.1 expected, from 56.4.

- ISM Prices Paid (NOV): 52.5 versus 55.0 expected, from 55.5.

- ISM Employment (NOV): 56.5 from 53.2.

USDOLLAR 1-minute Chart: December 2, 2013 Intraday

Improved_November_US_ISM_Manufacturing_Lifts_USDJPY_to_103.00_body_x0000_i1027.png, Improved November US ISM Manufacturing Lifts USD/JPY to ¥103.00

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the data, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rallied from 10636 to as high as 10652, a fresh daily high, before easing soon after. The USDOLLAR was trading back at 10638 at the time this report was written. This coincided with the USDJPY trading between ¥102.85 and 103.05 after the release.

--- Written by Christopher Vecchio, Currency Analyst

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