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As covered here earlier today, the markets were looking for a modest improvement in the October ISM manufacturing report, to around 47.6, from 47.2. The data has just been released at 46.5. Prior to this data we also had a higher revision to the S+P PMI data. That was revised to 48.5, from 47.8. So, this ISM data has missed and so rather detracted from that PMI gain. In terms of the components, the prices paid element has jumped significantly, to 54.8, from 50. Employment is a little lower and new orders fractionally higher. The reaction across the markets have not seen the dollar fall back again though. Well, so far anyway and maybe that is due to the prices paid rise? We shall see. The USD/JPY is actually quite a bit higher now, as if to endorse that point. It is trading at 152.72
Well, you were alerted to something rather strange going on this afternoon in Gold and since then the metal has taken another lurch lower. This time...
The US stock markets have not long reopened for the final trading session of the week. It has been a very modestly higher opening across the board...
Given the reaction in the GBP/USD and the USD/JPY after the US sales data you might easily be forgiven for thinking the EUR/USD should be above 1.05...
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