Services ISM and Friday’s NFP data attract plenty of interest “The negative surprises in data clearly affect sentiment, though we are wary of over-interpreting short-term swings and roundabouts with the data and since employment growth remains consistent with a tight labour market, the Federal Reserve will want to see a lot more evidence before embarking on an easing cycle.
” “The downtrend in the data increases the focus on the most closely watched releases; ISMs, labour market data and the CPI/PCE inflation readings. Wednesday services ISM and Friday’s NFP data will attract plenty of interest and any surprise will trigger a reaction.” “We expect the services ISM to fall back from 53.8 to 52.3, which is consistent with steady growth, and payroll employment to increase by 220,000.
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