On a day dominated by manufacturing PMIs, arguably the biggest of them all has shown the worst reading with the ISM data for November failing to show a recovery that had been hoped for.
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ISM Manufacturing PMI: 48.1 vs 49.2 exp. 48.3 prior
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Employment: 46.6 vs 48.3 exp. 47.7 prior
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New orders: 47.2 vs 49.1 prior
The headline data extends the run to 5 consecutive misses and also see the index remain firmly below the 50.0 handle which denotes expansion/contraction for the 4th month in a row. In the immediate reaction US yields have tumbled along with the US dollar and stocks while Gold has jumped higher.
The data is all the more disappointing after the earlier PMI reading beat forecasts (52.6 vs 52.2 exp. 52.2 prior). There now a notable divergence opening up between these two gauges of US manufacturing. Source: XTB Macrobond
Gold has moved up to its highest level of the day after the release, reclaiming the 1460 handle and higher by around $5 since the data dropped. Source; xStation
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