US: ISM Manufacturing PMI edges lower to 58.7 in January vs. 60 expected
- ISM Manufacturing PMI fell modestly in January but stayed comfortably above 50.
- US Dollar Index continues to consolidate its daily gains near 90.80.
The business activity in the US manufacturing sector continued to expand at a robust pace in January with the ISM Manufacturing PMI arriving at 58.7, compared to 60.5 in December. This reading fell short of analysts' estimate of 60.
Further details of the publication revealed that the Employment Index improved to 52.6 from 51.7 and the Prices Paid Index jumped to the highest level since April 2011 at 82.1 from 77.6. Finally, the New Orders Index edged lower to 61.1 from 67.5.
Market reaction
This report doesn't seem to be having a significant impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was up 0.28% on the day at 90.83.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
