<p>US factory orders dropped -10.3% mom to USD 445.8 billion in March, worse than expectation of -9.5% mom. Shipments, down three consecutive months, decreased USD 26.2 billion or 5.2% to USD 47
April 2020 ISM manufacturing index: This is a significant beat and it's helped risk assets. USD/JPY is higher now but the rally came before the data. Comments in the report:
The post-Fed sentiment was the catalyst for the latest leg higher in the dollar this week. Powell & co. offered a more hawkish tilt and that was enough to see markets scramble to price in five rat
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