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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
A lot of attention on the ISM Manufacturing report's Prices Paid index slowing sharply to 68.2 in Dec vs 79.3 expected and 82.4 prior.
- Worth noting that the deceleration in commodity price increases correlates very strongly to this measure - the BBG Commodity index rose 27% Y/Y in Dec, well down from the mid-high 40%s for most of Apr to Oct 2021.
- On that basis alone, we're well past the peak in ISM prices paid, unless commodities really pick up from here (current BBG commodities price spot implies 25% Y/Y growth in Jan, slowest since Feb 2021).
- While the immediate market reaction was dovish, that move has largely faded, with attention already turning to ISM Services Thursday, and the Dec employment report on Friday.
Source: BBG, 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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