US: ISM Manufacturing PMI edges lower to 60.7 in April vs. 65 expected

US ISM Manufacturing PMI in April fell modestly.
US Dollar Index continues to push lower after this data.

Eren Sengezer FXStreet

The economic activity in the US manufacturing sector continued to grow at a strong pace in April with the ISM Manufacturing PMI arriving at 60.7. However, this reading came in weaker than the 37-year high set at 64.7 in March and missed the market expectation of 65.

Further details of the publication revealed that the Employment Index fell to 55.1 from 59.6 and the Prices Paid Index rose to its highest level since 2008 at 89.6 from 85.6. Finally, the New Orders Index edged lower to 64.3 from 68.

Market reaction

The US Dollar Index extended its daily slide after this report and was last seen losing 0.4% at 90.94.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.