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ISM Non-Manufacturing PMI leaps to 59.8 – USD follows

US data continues beating expectations. The services sector enjoys robust growth according to ISM’s survey. The ISM Non-Manufacturing PMI jumps to 59.8, far better than 55.5 expected and 55.3 seen in August. This is the best figure since 2005. The employment component is only marginally higher: 56.8 against 56.2 beforehand. However, new orders jump to 63 and prices paid to 66.3. Scores above 60 represent “steaming hot” conditions.

The US dollar moves higher across the board.

  • EUR/USD is down under 1.1750, also due to the Catalan crisis.
  • GBP/USD is down to 1.3260 after having recovered earlier on the upbeat UK services PMI.
  • USD/JPY is getting closer to 113 once again, now at 112.80.
  • USD/CAD is edging closer to 1.25.
  • AUD/USD is down to 0.7840.

Earlier, Markit’s parallel measure advanced from 55.1 to 55.3 in the final read. ISM carries more weight.

The positive data joins a slightly better than expected gain in jobs according to ADP. The ISM Manufacturing PMI also beat expectations.

All these numbers will certainly raise expectations for Friday ´s jobs report, and these expectations start from a low place. The damage inflicted by the hurricanes resulted in disruption to actual jobs and also to measure them.

More:  EUR/USD: a downturn or just another buy opportunity?

more coming

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.