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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.
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Today's September ISM PMI Manufacturing disappointment included a very weak New Orders component (47.1, vs 51.3 prior and 50.5 expected).
- While September's reading means that the slowdown in new orders has actually decelerated on a 3-month basis (see chart), there is still a very wide disconnect between that ISM subcomponent and changes in Treasury yields. That's even when taking today's rally into account.
- The Treasury rally could continue if - as in July - the disconnect resolves in the ISM's favor, even if only briefly.
Source: 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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