Wednesday, September 7, 2016

US ISM Non-mfg came in well under expectations with a print of 51.4, deteriorating from the previous 55.5.





FX Research
by Saktiandi Supaat


A Data-Dependent USD





US ISM Non-mfg came in well under expectations with a print of 51.4, deteriorating from the previous 55.5. The DXY index slammed dunk below the 95-figure. Implied probability of a rate hike in Sep as priced by fed funds futures fell to 24% by Asia morning. Equities fell at first at the data but tracked the oil prices higher before closing with small gains. UST yield curve steepened with 1M yield dropping around -1.45bp while longer tenors rose. In particular, 6M yields rose 3bp...



Saktiandi Supaat
Christopher Wong

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