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Stock Markets Maintain Losses as US ISM Misses Expectations

Stock Markets Maintain Losses as US ISM Misses Expectations

Justin McQueen,

US Dollar Analysis & News

  • ISM Headline Beats, Employment Index Slows Slightly
  • FX Muted as Cross-JPY Holds Losses

ISM Headline Misses, Prices Paid Remains Elevated

US ISM Non-Manufacturing PMI for December rose to 62, missing estimates of 66.9. Meanwhile, the sub-components were softer across the board with the new orders index down to 61.5 from 69.7, prices paid ticked higher with a move to 82.5 vs 82.3 previously. Elsewhere, the employment index fell to 54.9 from 56.5, which is noteworthy given the looming NFP report, particularly in the context of a slight beat in the ISM manufacturing PMI employment index and a stellar ADP jobs report. However, as has been the case previously, the ADP report is a poor predictor for the NFP outcome.

How Non Farm Payrolls Drives the US Dollar

ISM Surveys Slipping

DailyFX Calendar

Source: DailyFX

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S&P 500 Slumps as the Fed Signals a Quicker Return to Quantitative Tightening

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