FX

The April US ISM Manufacturing PMI was weaker than expected at 55.4, with drops across the major sub-indices.  FX markets did not react to the latest data.   The headline ISM Manufacturing Purchasing Manager’s Index (PMI) fell to 55.4 in April from 57.1 in March, below expectations for a small rise to 57.6, according to the latest release by the Institute for Supply Management (ISM).
XAG/USD continues to trade with a downside bias and hit more than two-month lows in the $23.20s on Wednesday. The buck continues to advance, weighing on the pair, amid risk-off flows, geopolitical jitters and Fed tightening bets. Continued buck buoyancy against the backdrop of still very jittery global market risk appetite (US stocks have pared