US ISM Services PMI rose less than expected in November
Source Fxstreet
According to the Institute for Supply Mangement (ISM), the Services PMI eased to 52.1 in November, coming in short of estimates at 55.5 and markedly lower than October’s 56 reading.
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Microsoft passed the free-cash-flow test. Alphabet failed it by $9 billion — and Amazon is nextMicrosoft's Azure grew 48% and free cash flow came in at $18.6 billion; Alphabet's cloud grew 103% but free cash flow was negative $9.07 billion and the stock fell about 9.3% after hours. The AI capex test from October 26 now has a scorecard: Microsoft is the cushion, Alphabet is the warning, and Amazon reports tonight.
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The FOMC held by a 10–2 vote, with Governor Cook and Cleveland Fed President Hammack dissenting for a 25bp hike. Chair Warsh offered no forward guidance and no dot plot, the 2-year yield fell 8bp to 4.70%, and the dollar slipped to 101.84 even as markets moved December hike odds to 85%–87%. Tonight's Q3 GDP and September core PCE are the next referee.
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 29, 2026. Read on for the details.
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