EUR/USD, USD/JPY - US NM ISM solid as expected
US NM ISM broadly as expected, another solid report
NM ISM very much as expected holding at 54 in line with market expectations from 54.5. Employment picked back up above 50 to 51.2 from 47.9 notably, while orders, albeit down, stay robust at 55.1 from 57.3. Prices paid ease slightly to 67.7 from 71.3 but still elevated.
Firm enough data - and reminding that the US outperformance story hasn’t gone away even with payrolls,- but broadly as expected. USD/JPY still more focused on its own recovery path – interesting to note there how recoveries from sharp setbacks (intervention or self-driven) have tended to look a little bit ‘Gann like' in terms of the scaled price-time recoveries in recent months. It needs a bigger drop to keep the market down longer at present.