In the previous FX weekly we argued that ISM could retake the 50 level, as it actually managed to do already January. We also argued that “market participants might be in the mindset that no positive surprises will matter if the data was collected before the virus scare hit the screens”. While that has indeed been the consensus take-away on the “sudden” rise in ISM, the market seemingly has cared – as the S&P500 is back trading at new all-time highs. Beneath the surface, better-than-expected data in the G10 are usually helpful for equities vs bonds, perhaps especially so given central banks on hold or with an ... (full story)