The manufacturing report below expectations impacted the Atlanta Fed Q2 GDP Nowcast model, US Treasury market yields, and prices across various durations.
Employment data points, ISM services findings, and concerns about anti-business policies in Mexico could be significant market-moving risk events with sensitivity to downside surprises.
Yields on the US 10yr fell in response to the ISM report, with a potential re-test of the 200-day MA at 4.34%. The Treasury market rallied, settling at session lows with limited fading.
Gold is viewed favorably as a hedge against economic uncertainty, hitting $2354 amid market volatility.
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