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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
- ISM services disappoint in May at 50.3 (cons 52.4) after 51.9, printing the lowest since Dec’22.
- New orders led the decline at 52.9 (-3.2pts), driven domestically rather than external.
- The prices paid index is notable, dropping to lowest since May’20 at 56.2 (-3.4pts) as they build further on March’s particularly sharp -6.1pt drop.
- Employment component also fell back below 50 (49.2, -1.6pts) for first time since December.
- Overall service activity continues to outperform the outright contraction signals coming from manufacturing, but the drifting lower in service activity is once again starting to be increasingly at odds with recent data strength and the Atlanta Fed Q2 GDP tracker still running at 2% annualized.
- There is however a wilder gulf between manufacturing and service new order components though, with the service version still comfortably above 50 albeit still low by historical standards.
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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