ISM Manufacturing PMI drops to 50.1 in February vs. 50.4 expected
Fundamental Forex Analysis

ISM Manufacturing PMI drops to 50.1 in February vs. 50.4 expected

  • ISM Manufacturing PMI fell to 50.1 in February from 50.9.
  • Greenback continues to weaken against its rivals after the data.

The Institue for Supply Management’s (ISM) Manufacturing PMI in February dropped to 50.1 from 50.9 in January to show that the business activity virtually remained unchanged in the month. This reading came in worse than the market expectation of 50.4.

Further details of the report showed that the New Orders Index dropped to 49.8 from 52, the Prices Paid Index slumped to 45.9 from 53.5 while the Employment Index improved slightly to 46.9 from 46.6.

Assessing the data, “comments from the panel were generally positive, with sentiment cautious compared to January,” said Timothy R. Fiore, Chair of the Institute for Supply Management Manufacturing Business Survey Committee. “The PMI remained in expansion territory, but at a weak level.”

USD reaction

The US Dollar Index edged lower after the data and was last down 0.68% on the day at 97.45.

 

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