Latest data released by Markit - 23 May 2018
- Prior 53.8
- Services PMI 54.3 vs 57.2 expected
- Prior 57.4
- Composite PMI 54.5 vs 56.8 expected
- Prior 56.9
The beat in manufacturing is pretty much offset by the miss in services and composite. I'm leaning more towards a poorer read as the composite and services miss is quite significant.
The manufacturing print may have recovered to a 3-month high, but the services and composite figures are both at a 16-month low respectively. And the latter continues to suggest that the soft patch in Q1 may not necessarily be idiosyncratic/transitory.
EUR/USD now at session lows of 1.1742 with EUR/JPY also at session lows of 129.55 as the dollar and yen stretches gains on the day.
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