The ISM Manufacturing PMI for May in the US was 56.1 vs 54.5 expected and an April reading of 55.4. Better data was seen in the production, new orders, and inventory components. Although price pressures eased slightly, supply chain issues and pricing were still the main issues that worried businesses. Overall, the beginning of month ISM data was stronger than expected. Good news in the economic data gives the Fed more confidence to raise rates, and therefore, sends the US Dollar higher. In addition, the Fed hawks were out in force today. First up was former NY Fed President William Dudley who penned a Bloomberg Op-ed ... (full story)