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WTI crude oil plunges, USD, yields retrace: Asian Open – 05/10/2023
The combination of softer US economic data and yields pulling back from their highs allowed risk assets to sigh in relief and lift themselves cautiously from their cycle lows. The ISM services PMI expanded at a slower pace and the rate of US job growth slowed for a third month according to the ADP employment report. At 89k, it was the slowest rate of job growth since the data was last negative in January 2021. And whilst its m/m correlation with NFP can be at times spurious, their trends tend to follow one another over the long term so helps to set the tone for NFP on Friday to a degree. The ISM pulled back to 53.6 ... (full story)