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Data Dependant? ISM Back to Recession Territory
With Glenn Stevens and the RBA chilling out into Christmas, the big overnight storyline was the slumping US manufacturing sector. “USD ISM Manufacturing PMI (48.6 v 50.6 expected)” That’s a fall below 50 for the first time since November 2012, and was also the weakest reading since June 2009. How was the US economy going in June 2009 you may ask? It was in recession! That is not what an overly long USD Forex market wanted to hear, let alone a Fed that has cornered itself into a December rate hike already. The following charts from Zero Hedge highlight the fact that the last time the manufacturing sector was ... (full story)
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