Just caught the latest ISM Services data drop—and there's some interesting movement worth parsing.

Services PMI hit 54.4, which actually landed above the 52.2 forecast. Not massive, but it's showing resilience in the services sector. Meanwhile, the Prices Paid component came in at 64.3 versus the expected 64.9—slightly cooler on the inflation side, which honestly isn't what we've been seeing in other reports.

Here's where it gets interesting though: New Orders jumped to 57.9, crushing expectations of 52.6. That's a solid beat and signals demand is still holding up better than anticipated. When orders are running hot like this, it typically feeds into tighter labor markets and sustained pricing power.

The mixed signals here matter for the broader macro picture. You've got one indicator showing cooling price pressures while orders surge—that's the kind of complexity that's been keeping central banks on their heels. For traders watching correlations between macro data and digital asset performance, this kind of divergence usually triggers some repricing across risk assets.