A softer ISM services report slammed the US dollar broadly lower and saw yields hand back earlier gains. The headline figure expanded at its slowest pace in three months, new orders were slower whilst the employment index contracted again. Yet the standout figures is the 'prices paid' index, which expanded at its slowest pace since the pandemic and notched up its second month in a row that the index has shed over 5 points. Clearly, this excited doves as the US dollar index its worst day in three months, falling for a second day after meeting resistance around 105. It is also a good time to remember that April is ... (full story)