The ISM Services PMI was in the spotlight:
And it didn't disappoint:
Yes, 54.5 was a big beat of the consensus, but of even more impact was the fact that it beat the highest estimate made by analysts heading into the release.
The range was 51.1 to 53.9, so the 54.5 was beyond what any analyst expected. While a beat prompted renewed chatter of the Fed having more to do, the beat of this magnitude amplified this response. US yields climbed, and stocks fell. The US initial response was higher but FX was lacklustre.
Adam had the moves during the Americas session here:
Goldman Sachs response:
US ISM Services PMI
