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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
Further to our earlier note on the soft ISM Manufacturing prices paid reading: the 2nd consecutive decline in June following a nascent bounce mirrors the trajectory of changes in commodity prices as it usually does.
- After hitting a peak in mid-2022, oil and broader commodity prices saw a sharp downturn in H2 2022.
- While weakness has persisted, the rate of decline has slowed. After a modest pickup in Apr/May, commodity prices slipped back again, leaving the 6-month change in the CRB index and oil prices negative - in line with the pullback in ISM Manufacturing prices.
- If commodity prices were to stabilize, in other words, so too will ISM Manufacturing prices. In the meantime, the 7th <50 reading in 9 months leaves ISM prices paid at 14 points below the 2010s average of 56, in firmly disinflationary territory.
Source: Bloomberg, CRB, ISM, MNI
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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