Stock Markets Maintain Losses as US ISM Misses Expectations
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.
ISM Surveys Slipping
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