US ISM Manufacturing PMI beats estimates with 61.1 in September, dollar remains pressured
|The US ISM Manufacturing Purchasing Managers' Index has come out at 61.1 points in September, above 59.6 expected and 59.9 in August. The Prices Paid component exceeded estimation with 81.2 points, more than 78.5 projected. The New Orders component also surpassed projecting with 66.7 points.
On the other hand, the Employment Index missed forecasts with 50.2 compared with 50.9 expected, but above 49 recorded back in August. The 50 level separates expansion from contraction. The ISM Manufacturing PMI is the first hint toward next Friday's Nonfarm Payrolls, which is critical for the Federal Reserve's tapering announcement.
The US dollar is on the back foot on Friday amid an improving market mood that is unfavorable for the US dollar. EUR/USD is changing hands at around 1.16 and GBP/USD above 1.3550.
Earlier, Markit's final Manufacturing PMI came out at 60.7 compared with 60.5 originally reported. Core Personal Consumption Expenditure (Core PCE) rose by 3.6% YoY in August, as expected. It is the Federal Reserve's preferred gauge of inflation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.