USD flows: USD slightly firmer on ISM, but...

The headline ISM services index is stronger than expected, but the employment index is slightly weaker than the consensus, albeit marginally higher than the July number. While the USD is slightly higher in response, the weakness of the employment index and the strength of the prices index are the main features of the underlying trend in the last 6 months, and suggest risks to the economy going forward. US yields remain slightly lower on the day, and USD gains continue to look more positioning related than a genuine data response.