EUR Survives 2017 Low, AUD Hops Back as Risk Assets Rise Summary: Markets finished off a volatile week on Friday after the US University of Michigan Consumer Sentiment Index slid to 59.1 in May, way b
5/4/2021 5:21:27 AM GMT
Although the world loves it when a plan comes together, an opposite reaction occurs when it doesn t. Such was the case overnight when US ISM Manufacturing PMIs missed expectations quite noticeably. The headline print for April came in at 60.50, still expansionary but well below market forecasts of 65.0. The new order and employment sub-indices also missed while ominously, manufacturing prices rose. That inflation genie just won t go back into its bottle.
The reaction was immediate; US bond yields moved lower, the US Dollar gave up much of Friday s month-end gains, and gold powered higher to just shy of $1800.00 an ounce. If nothing else, it shows just how much financial markets are wedded to the US recovery story leading the world out of the pandemic recession.
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