• Lowest reading since August
  • The prior was 56.0
  • New orders 54.6 vs 58.2 prior
  • Employment 53.3 vs 57.2 — lowest since Nov
ISM non-manufacturing index March 2013

The market seemed to price-in a soft number leading up to the release so the headline might not be hurting sentiment too badly but the details of the report are soft. The employment component is my favorite pre-NFP gauge and it means the calls for +250K are looking suspect.

USD/JPY broke though 93.00 and EUR/USD has broken through 1.2850. The next level of offers is 1.2880/90.