ISM Non-Manufacturing Prices Paid comes in at 70.3 against 62 consensus

The ISM Non-Manufacturing Prices Paid index for the United States was released at 70.3. This figure came in above the consensus estimate of 62, representing a 13.4% surprise against expectations. The previous reading for the index was 67.7. This indicates a stronger than anticipated increase in prices paid by service sector businesses.

Following the release, market pairs showed varied movements over the initial 15 minutes. AUDUSD gained 7.0 pips, while EURUSD rose 9.4 pips. GBPUSD moved up by 13 pips, and NZDUSD increased by 5.7 pips. USDCAD declined by 7.8 pips, USDCHF fell by 11 pips, and USDJPY decreased by 16 pips. XAUUSD saw a significant gain of 227 pips. For most major currency pairs, these 15-minute moves are generally smaller than their median 1-hour moves observed after past releases. For instance, EURUSD’s 9.4 pip move is below its median 1-hour move of 14 pips. However, XAUUSD’s 227 pip gain significantly exceeded its median 1-hour move of 33 pips and its top-quarter move of 61+ pips.