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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- A small miss for the Dallas Fed mfg survey for July (from -17.6 to -22.6, cons -18.5) although there was some improvement in the six-month ahead measure from -26 to -17.7
- A notable slowing in price components, with input prices from raw materials sliding to the lowest since Nov'20 (-19pts to 38.4, series av 28) and finished goods prices extending to the lowest since Feb'21 (-4.5pts to 29.3, series av 8.8).
- One eye-catching comment from manufacturers of transportation equipment: "The economy is in shambles. There’s no way out that isn’t bad."
- Two weak readings from Dallas and Philly mfg surveys offset the Empire bounce, leaving a simple average of the three implying further downside risk to ISM compared to the 52.3 in the PMI survey (although remember that the output sub-component of the PMI hit 49.9) with the caveat that they were far more pessimistic during the pandemic - see chart.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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