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- After the Employment Report, focus to shift to U.S. ISM non-manufacturing index and comments of Fed representatives - Rabobank
After the Employment Report, focus to shift to U.S. ISM non-manufacturing index and comments of Fed representatives - Rabobank
Rabobank's analysts suggest that in the U.S. session, after the Employment Report, attention is to be paid to the ISM non-manufacturing index for April and the speeches of several Fed officials.
- The most important PMI for the US services sector fell to 56.1 in March from 59.7 in February. Earlier this week its manufacturing counterpart dropped to 52.8 in April from 55.3 in March, continuing a downward pattern since August last year. In contrast, the services sector PMI has moved sideways in the same period. This shows that so far most of the current headwinds to US corporates have been coming from abroad, as the services sector is less dependent on the global economy. Today’s figure will tell us whether this still is the case.”
- Finally, we also get a range of Fed speakers. Chicago Fed President Charles Evans will speak at the NABE International Symposium at the Riksbank in Stockholm. He will have a prepared text and there will be a Q&A with the audience. Note that Evans is a voting member of the FOMC this year.
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