A stronger than expected data point for the US service sector has provided a further boost to the buck which was already trading higher on the day and has appreciated further since the release.
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ISM non-manufacturing PMI: 54.7 vs 53.5 exp. 52.6 prior
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Prices paid 56.6 vs 60.0 prior
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New orders: 55.6 vs 53.7 prior
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Employment: 53.7 vs 50.4 prior
This is a solid set of figures all round and comfortably better than expected with not only the headline improving more than expected but also the new orders and employment components rising from the September reading.
Last Friday saw the ISM manufacturing PMI come in at 48.3, slightly below the 49.0 expected and the 3rd consecutive sub 50 reading for this metric.
USDJPY has moved above the 109 handle since the release with the market closing in on the 109.05-109.35 prior resistance zone once more. Source: xStation
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