ISM's Holcomb: Things are pointing in the right direction

Here comes the press call

  • Inventory shortage is causing a supply slowdown

  • Higher prices point to a more stable economy (not if they're coming from shortages as per the comment above)

  • Growth is moderate

  • Low inventories are a bright spot

  • Member comments lean toward the positive

  • It's possible a rate hike is already built into the outlook

USDJPY managed to gain around 25 pips following the ISM report and has given a few back to 109.41.

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