US: Markit Manufacturing PMI drops to 36.1 in April (final) from 48.5 in March
- US Markit Manufacturing PMI falls further in April's final reading.
- US Dollar Index largely ignores the data and stays near 99.
The IHS Markit's Manufacturing PMI fell to 36.1 in April's final reading from 48.5 in March to reveal a decline in the business activity at an accelerated pace. This figure was worse than the previous estimate and the market expectation of 36.9.
Commenting on the data, "April saw the manufacturing sector struck hard by the COVID-19 pandemic, with output falling to an extent surpassing that seen even at the height of the global financial crisis," Chris Williamson, Chief Business Economist at IHS Markit said. "With orders collapsing at a rate not seen for over a decade, supply chains disrupted to a record degree and pessimism about the outlook hitting a new survey high, rising numbers of firms are culling payroll numbers."
Market reaction
The US Dollar Index ignored this reading and continues to move sideways near the 99 mark.
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.
