The manufacturing and services PMIs from Markit
- Prior was 55.0
- Manufacturing 53.5 vs 53.5 expected
- Prior manufacturing was 53.1
- Composite 54.4 vs 54.6 prior
These are all very close to expectations. What’s notable is that we’ve gone from a long period of major beats on US economic data to a time where the numbers frequently match estimates. It shows that economists have a much better handle on what’s happening.
The thing is, the baseline for economists is a slow recovery from here and I’m not sure that’s what is priced into the market.
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