USD flows: More focus on equities than data, dollar firm either way

Modest beats from the US PMIs - and firm overall - with manufacturing 55.7 (mkt 54.8) and services 51.3 (51 mkt). The breakdown is a slightly more mixed bag with manufacturing supported by front loaded orders, at 4-year highs, to ensure restocking in event of more disruptions, but employment dropping to 6-year low. Services also seen slightly lifted by World Cup. Prices dropped back but still high.

Data rather secondary though to this session's focus on the ongoing big tech led equity pullbacks, though at the moment even with some chunky moves, this looks corrective after highs were retested. More volatility coming into the previous nonstop trend up action though for sure and its important how much of this ends up being sector rotation vs liquidation/profit taking.  Most measures of market sentiment had suggested sentiment had got to contrarian over-bullish and cash-light allocation levels so some corrections along the way at some point always likely to feature.