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<p>Tuesday</p><p>The Chinese Caixin Manufacturing PMI for December beat expectations:</p><ul><li>Manufacturing PMI 50.8 vs. 50.4 expected and 50.7 prior.</li><li>Output and new orders both increase at quicker rates.</li><li>firms maintain a cautious approach to employment.</li><li

<p>The US jobs data was initially interpreted as strong. However, after reevaluation things like the revisions, a quirky tumble in the participation rate and data from the household survey painted a more sanguined vision and the USD moved back lower. </p><p>Later the ISM services data came in much weaker than expectations and the

<p>She just jinxed it.</p> This article was written by Adam Button at www.forexlive.com.

<p>The US dollar has turned around in a big way following the earlier non-farm payrolls data. Cable is now at the highs of 2024, up 87 pips to 1.2764 after falling as low as 1.2612 following the US jobs report.</p><p>Other markets are confirming the turn, with US 10-year yields down to 3.96% from a post-NFP […]

<ul><li>Prior month -3.4% revised from -3.6% previously reported</li><li>Durable goods orders 5.4% vs 5.4% preliminary. Last month -5.1%</li><li>Durable goods ex defense 6.5% vs 6.5% preliminary. Last month -6.4%</li><li>Non defense Cap ex air 0.4% vs 0.5% preliminary. Last month -0.6%</li><l

<ul><li><a href="https://www.forexlive.com/news/us-november-ism-services-527-vs-520-expected-20231205/" target="_blank" rel="follow">Prior </a>was 52.6</li></ul><p>Details:</p><ul><li>Employment index 43.3 versus 50.7 prior</li><li>New orders 52.8

<p>The US dollar has completely reversed the non-farm payrolls number and more. At the top of the hour we get the December ISM srevices report, which is expected to tick down to 52.6 from 52.7.</p><p>Remember, the jobs report is a lagging indicator while the ISM services report is one of the best leading indicators. </p><

<p>Stocks moved lower after the "stronger" US jobs report, but there has been a reevaluation after looking at some of the details (see <a href="https://www.forexlive.com/news/why-us-dollar-gave-back-all-the-non-farm-payrolls-gains-20240105/" target="_blank" rel="follow">Adam's post here</a

<p>The headlines all look bullish on non-farm payrolls but when you dig into the report there are some real caveats:</p><ol><li>The headline might have beat the consensus by +46K but the prior two months were revised by a combined -71K</li><li>Unemployment held steady at 3.7% vs 3.8% expected but labor force part

<p>The initial reaction in the US dollar was to the upside after non-farm payroll rose by 216 K versus 170K expected. However, looking at previous two months of revisions, the number may not be as strong. Those revisions showed a decline of -71K. The October number was revised down -45K from 150K to 105K. November […]