ISM Non-Manufacturing Prices Paid comes in at 72.6 against 68.2 consensus

The ISM Non-Manufacturing Prices Paid index for the United States was released at 72.6, exceeding the consensus expectation of 68.2. This print also came in higher than the previous value of 70.3. The actual figure represented a 6.5% surprise compared to the consensus forecast. This data point reflects the prices paid by service sector firms.

Following the release, initial market reactions were observed across major currency pairs. Fifteen minutes after the data, AUDUSD was down 3.8 pips, EURUSD was down 2.0 pips, and GBPUSD was down 2.0 pips. NZDUSD moved down 1.1 pips, while USDCAD was down 2.3 pips. USDCHF gained 6.5 pips, and USDJPY gained 0.1 pips. XAUUSD, or gold, was down 26 pips. For context, the median 1-hour move for EURUSD after past releases of this type is 14 pips, and for XAUUSD, it is 33 pips. The measured movements so far are generally small relative to these typical 1-hour moves.