Market sentiment improved modestly as US economic data turned out to be better than expected. ISM non-manufacturing index improved to 54.3 in July, compared with consensus of a drop to 53.3, from 53.8 a month ago. The employment component climbed to 50.9, the highest since December 2007 while the new orders component rose to 56.7 from 54.4 in June. At the same time, ADP employment increased +42K in July after a +13K addition in June. The market had anticipated a milder gain of +36K. These readings boosted market optimism on the employment report which will be released tomorrow.
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Commodities Higher on Strong US Data, Gains Capped by USD Strength
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