US: Markit Manufacturing PMI edges higher to 50.9 (final) in July vs. 52 expected
|- US Markit Manufacturing PMI improved less than expected in July.
- US Dollar Index clings to daily gains near 94.00 after the data.
The IHS Markit's Manufacturing PMI rose from 49.8 in June to 50.9 (final) in July and revealed a modest expansion in the manufacturing sector's economic activity. However, this reading came in worse than the previous estimate of 51.3 and missed the market expectation of 52.
Commenting on the data, “although indicating the strongest expansion of the manufacturing sector since January, the IHS Markit PMI remains worryingly weak," said Chris Williamson, Chief Business Economist at the IHS Markit. "Much of the recent improvement in output appears to be driven merely by factories restarting work rather than reflecting an upswing in demand."
Market reaction
The US Dollar Index largely ignored this report and was last seen gaining 0.52% on the day at 93.94.
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.