US: ISM Non-Manufacturing PMI plummets to 57.6 in December vs 59 expected

Eren Sengezer FXStreet

"The NMI (Non-Manufacturing Index)registered 57.6 percent, which is 3.1 percentage points lower than the November reading of 60.7 percent," the ISM reported on Monday.

Key takeaways from the press release

This represents continued growth in the non-manufacturing sector, at a slower rate.
The Non-Manufacturing Business Activity Index decreased to 59.9 percent, 5.3 percentage points lower than the November reading of 65.2 percent.
The New Orders Index registered 62.7 percent, 0.2 percentage point higher than the reading of 62.5 percent in November.
The Employment Index decreased 2.1 percentage points in December to 56.3 percent from the November reading of 58.4 percent.
The Prices Index decreased 6.7 percentage points from the November reading of 64.3 percent to 57.6 percent, indicating that prices increased in December for the 34th consecutive month.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD remains on the back foot near 1.1750

EUR/USD is coming under renewed pressure, sliding towards multi-week lows in the mid-1.1700s on Thursday. The move lower reflects another strong session for the US Dollar, with the Greenback drawing fresh support from a batch of firm US data that reinforced its underlying bid.

GBP/USD drops further, hovers around 1.3460

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3440 area, its lowest levels in around four weeks. The move reflects a firmer Greenback, supported by another round of solid US data, while a somewhat divided FOMC Minutes has added an extra layer of uncertainty around the Fed’s rate path, keeping Cable on the defensive.

Gold struggles to overcome $5,000

Gold is trading with humble gains on Thursday, hovering around the key $5,000 mark per troy ounce. The yellow metal remains underpinned by renewed geopolitical tensions in the Middle East, even as a stronger US Dollar and rising US Treasury yields across the curve limit the upside and keep price action relatively contained.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.