US: Markit Manufacturing PMI rose to 51.3 in October vs. 51.5 expected
- Markit Manufacturing PMI rose to the highest level since April at 51.3.
- US Dollar Index erased majority of NFP-inspired gains.
The IHS Markit's Manufacturing Purchasing Managers' Index (PMI) in the United States rose to 51.3 in October, highest level in six months, from 51.1 in September but came in slightly below the market expectation of 51.5.
The US Dollar Index retreated from session highs after the data and was last down 0.02% on the day at 97.31.
Commenting on the data, "Tentative signs of renewed vigor are appearing in the US manufacturing sector, with the survey’s production gauge having now risen for three successive months to suggest that the soft patch bottomed out in July," said Chris Williamson, Chief Business Economist at the IHS Markit. "Growth of new orders hit a six-month high, fuelled in part by a renewed increase in exports, prompting producers to take on more staff, with payroll numbers rising at the quickest pace since May."
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.
