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US ISM Non-Manufacturing PMI: 53.7, Weakest Employment Component in

The purchasing managers’ index for the services sector rose to 53.7 points. However, the employment component fell from 52 to 50.1 points. The headline number was expected to tick higher from 53.1 to 53.4 points in May. The services sector is by far the biggest in the US, around 75%. The employment component provides a hint towards the all-important Non-Farm Payrolls report on Friday.

Factory orders disappointed with a rise of 1%, lower than 1.6% expected. EUR/USD retreated from the highs and lost 1.31 before the report. It is now slightly higher, at 1.3085. USD/JPY was on the mend, but is sliding again from 99.70 to 99.48.

The good news in the services PMI comes from new orders: they climbed from 54.5 to 56 points. Business activity rose from 55 to 56.5 points.

The previous key data figures for the Non-Farm Payrolls disappointed:

Jobs figures of any kind are closely watched as they are the key for the next move of the QE: the Fed is expected to taper bond buys, but the timing is very uncertain.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.