Silver

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. For metals, that moves real yields, dollar demand and hedge demand.

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. For metals, that moves real yields, dollar demand and hedge demand.

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. For metals, that moves real yields, dollar demand and hedge demand.

Inflation repricing: Consensus looked for 1.5% versus 1.4% previously, setting up a hotter expected print. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For metals, that moves real yields, dollar demand and hedge demand.

Growth momentum: The previous 38.4 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. For metals, that moves real yields, dollar demand and hedge demand.

Growth momentum: Consensus looked for 52.2 versus 51.9 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For metals, that moves real yields, dollar demand and hedge demand.