The US ISM Manufacturing PMI stands at 55.3 points in June after 55.4 points in May. 55.6 was expected, so this is within expectations. Earlier, the final Markit Manufacturing PMI dropped to 57.3 from 57.5, also within expectations. The employment component remained basically unchanged at 52.8 points. This serves as a small hint for the NFP, this time on Thursday.
EUR/USD is making another attempt on 1.37 but retreats, GBP/USD remains on high ground.
New orders rose from 56.9 to 58.9 points. Prices slip from 60 to 58 points. It is important to note that the ISM Non-Manufacturing PMI (services) will be released only after the NFP. However, Markit’s preliminary services PMI crossed the 60 point mark. While ISM carries more weight, Markit’s numbers are gaining traction and could point to a better than expected NFP.
Disappointments came from the IBD/TIPP Economic Optimism which dropped from 47.4 to 45.6 points instead of a rise to 48.9 points expected. Construction spending rose only 0.1% instead of 0.5% expected.
Tomorrow we have a bigger hint towards the NPF: the ADP Non-Farm Payrolls. See how to trade the ADP with EUR/USD.
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