August ISM Non-Manufacturing Prints at 56.4, Beating Expectations
ISM Talking Points:
- This morning brought the release of ISM Non-Manufacturing data, printing at 56.4 v/s an expectation of 54.0.
- This contradicts the Tuesday release of ISM Manufacturing data, which printed at its lowest level since January of 2016.
Non-Manufacturing ISM Beats Expectations
This morning brought the release of ISM Non-Manufacturing data. This morning’s print beat the expectations, coming out at 56.4 versus the expectation of 54.00.
This follows the Tuesday release of ISM Manufacturing data which came in below expectations and printed inside of the 50-level, indicating contraction, for the first time since 2016.
This morning’s print helped to offset a bit of the concern produced by Tuesday’s data, and in-turn Treasury yields are moving higher, Gold prices lower and US equities are continuing to rally. This puts a series of themes in the limelight ahead of tomorrow’s Non-Farm Payrolls release out of the United States.
Chart Prepared by Austin Sealey; US August ISM Non-Manufacturing Data
Directly following the 10:00 AM release, the DXY appeared to have found a bottom after three consecutive days of losses that wiped out previous gains. This data also suggests that the Fed may be feeling a squeeze in the upcoming rate decision, since recent data does not demand stimulus.
Chart prepared by Austin Sealey; DXY on Tradingview
--Written by Austin Sealey, Market Analyst for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.