ISM not as extreme on the headline as the PMI, but details still firm
A strong ISM release across the board, if not quite as exceptional as the PMI last week: the headline holding flat and slightly undershooting, but strength seen in new orders, a pick up in employment and very high prices paid. It’s likely neither disappointing or soft enough to puncture the current dollar mood, nor dramatic enough to add to it. Payrolls now becomes the next major focal point and, perhaps even more importantly, then the next CPI report. Upward pressure on US yields still not relenting today.