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  • Squawk / 5 hours ago
    Head of Macro Strategy / Saxo Bank
    ISM non-manufacturing misses, drops to 13-month low in May:

    The US services sector lost momentum last month, according to the ISM, which reported a drop in its headline non-manufacturing index to 55.7 from 57.8. This was a miss of 1.3 points relative to expectations and a drop of 2.1 points from April's 57.8 reading. It is furthermore the lowest reading since April 2014 when the index stood at 55.3. Having said that, 55.7 in the ISM non-manufacturing index is still indicative of robust growth in the US of around 3%.

    Among the components new orders held up reasonably well at 57.9 (vs. 59.2 prior) while employment dropped to 55.3 from 56.7. Backlog of orders, however, did poorly, falling to 48.5 from 54.5 while export orders rebounded to 55 from 48.5. Mind you, these two components are not seasonally adjusted unlike the first two components (new orders and employment).

    The S&P 500 index is taking the weaker-than-expected print on the chin and remains up 0.2% for the day.
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  • 6h
    fxtime fxtime
    Totally agree.
    bvlaerhoven bvlaerhoven
    they should have done that a couple years ago. Kicking the can very rearely leads to a constructive solution. Greece needs to be kicked out...
  • 4h
    Ole Hansen Ole Hansen
    US inventories fell by 1.9 million barrels last week which was less than expected. Elsewhere we saw a near 1 million drop in Cushing inventories while production...
    ozy ozy
    Hi Ole, what's the production data? how much rise this week? I thinkit wa 304.000 rise last week..thanks
  • Squawk / 7 hours ago
    Head of Macro Strategy / Saxo Bank
    The private sector in the US added 201,000 jobs in May, says ADP:

    The payroll-processing company, ADP, estimates that employment rose by 201,000 in May in the private sector following a smaller gain of 165,000 in April. Consensus nailed the ADP number this time with a 200,000 prediction.

    On Friday the Bureau of Labor Statistics will release its estimate of (the change in) nonfarm payrolls. Consensus currently looks for a 227,000 print.
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  • Article / 7 hours ago

    FX Noon: Does it all come down to Greece?

    Director / Accumen Management
    United Kingdom
    FX Noon: Does it all come down to Greece?
    Australian data saw the Aussie take flight, while UK PMI figures sent sterling lower... but they're not really the issue today. The issue is the Eurozone, but today's ECB meeting is likely to play second fiddle to the ongoing Greek debt talks.
    Read the article
  • 18h
    caraldebryle caraldebryle
    This comment has been redacted
  • 7h
    forecastis forecastis
    EURJPY next 10 days forecast