CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Instant view: ISM miss sends Gold higher

15:09 2 December 2019

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. 

 
  • ISM Manufacturing PMI: 48.1 vs 49.2 exp. 48.3 prior

  • Employment: 46.6 vs 48.3 exp. 47.7 prior

  • 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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