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Dollar takes a hit as US May ISM index misses forecasts and prices paid fall

The US Institute of Supply Management (ISM) May manufacturing index has just been released. The markets were looking for a small improvement to around 49.6 (from 49.2) in the headline reading. The prices paid element, previously at 60.9 was forecast to drop back to around 58. 5. The headline number has fallen back to 48.7 and the prices paid was at 57. The immediate reaction across the markets has seen the dollar fall across the board. The USD/JPY has fallen below 156.50 and the EUR/USD just hit a session high above 1.0870. Gold is higher on this news too, as US yields slide. 

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