Soft services PMI in China and Europe have done little to deter risk taking, as equity markets are strong and the U.S. 10‐year yield sits just below 2.5%. The USD is mixed and relatively quiet. Some strength from the Skandies and GBP but CAD, eUR, CHF and AUD are all lower. Yesterday’s senior loan officer survey was encouraging,suggesting easing credit standards and rising demand; but this week is notably slow on economic release. Today’s ISM non‐manufacturing is expected to climb to 56.5; while factory orders are expected to increase 0.6%.
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