Instant view: Gold spikes on another ISM miss

Summary:

ISM non-manufacturing PMI: 52.6 vs 55.0 exp. 56.4 prior
Gold spikes, US stocks and USD both fall

The leading industry survey for the US services sector has come in worse than expected with the ISM non-manufacturing PMI for September printing 52.6 vs 55.0 exp and 56.4 prior. Coming just two days after the manufacturing equivalent slumped to its lowest level in a decade this reading is the lowest for services in 3 years and the components also make for pretty grim viewing. New orders fell to 53.7 vs 60.3 last month while the employment index dropped to 50.4 vs 53.1 previously.

The fall in employment puts even more pressure on tomorrow's NFP release (1:30 BST) which could serve to further confirm weakness in the world's largest economy.

This is clearly another disappointing release and the market reaction is treating it as such with Gold spiking sharply higher while US indices and the USD have both swooned lower. Source: xStation

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Hawkish move from the Fed! Warsh takes no prisoners in the fight against inflation. US500 at its lowest since August 3, and gold already below $4,300.

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