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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
- The ISM mfg survey was weaker than expected across all major components in March, with the overall falling from 47.7 to 46.3 (cons 47.5) to the lowest since May’20 in pushback to the bounce in the S&P Global US PMI.
- There are some mixed trajectories within the details but a weaker trend remains.
- New orders fell -2.7pts to 44.3 (cons 47.5) in a move led by implied domestic weakness (business export orders 47.6, -2.3pts) but remained off January’s particularly low 42.5.
- Prices dipped -2pts to 49.2 (cons 51.1) but remain above December’s 39.4 after two surprisingly strong increases.
- Ahead of Friday’s NFP report, employment fell meaningfully further to 46.9 (-2.2pts) for its lowest since Jul’20, although the much more heavily weighted service version on Wed will be more important to see.
- More broadly, the overall ISM service reading will be watched closely for more accurate implications for near-term GDP growth after its two strong 55 readings of Jan and Feb.
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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