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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 slide in the Richmond Fed mfg index for June follows yesterday’s surprise drop in the Dallas equivalent.
- Taking an unweighted average, the regional Empire, Philly, Richmond, Kansas & Dallas surveys implied sharper decline in manufacturing activity in June. Combined with last week’s surprising drop in the PMI, it adds downside risk to Friday’s ISM (current consensus 54.5 from 56.1) having resisted a further decline in May – see chart.
- As for the Richmond survey, -19 is the lowest since May 2020 with a similar decline in forward looking conditions as well. In a small silver lining, “On a positive note, there was some indication of supply chain relief as the indexes for vendor lead time and order backlogs both decreased in June from record highs earlier in the year”.
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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