EURUSD

Growth momentum: The previous 54.0 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. That changed the macro setup behind the asset.

Growth momentum: Consensus looked for 51.3 versus 51.2 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. That changed the macro setup behind the asset.

Labor-market signal: Consensus looked for 118K versus 98K previously, setting up a hotter expected print. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. That changed the macro setup behind the asset.