A pack of data from the United States was released this afternoon. Revision of the services PMI index for October showed a slightly higher reading than flash release but the biggest surprise came at 2:00 pm GMT, when ISM data was released. Services ISM index jumped from 61.9 to 66.7, while the market expects a more or less unchanged reading. This is the highest reading since 1997! A big jump was noted in the prices paid index. Factory orders data for September that was released simultaneously also showed better-than-expected readings.
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Services PMI (final): 58.7 vs 58.2 flash (54.9 prior)
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Services ISM headline: 66.7 vs 62.0 expected (61.9 prior)
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Services ISM employment index: 51.6 vs 53.0 prior
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Services ISM prices paid index: 82.9 vs 77.5 prior
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Factory orders: +0.2% MoM vs -0.1% MoM expected (1.2% MoM prior)
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Factory orders ex. Transportation: 0.7% MoM vs 0.0% MoM expected (0.5% MoM prior)
The US dollar strengthened following the release of upbeat data. USDJPY jumped and is attempting to make a break above the resistance zone at 114.00. In case a break is delivered, the next target for bulls would be the recent local high near 114.40.
Source: xStation5
