Russian Ruble Slightly Higher as PMI Edges Upward
- PMI Rises to 49.1, above the prior 47.9
- The Russian Ruble slightly higher versus the US Dollar
- Slowest recorded deterioration in operating conditions since February
The Russian Ruble edged slightly higher versus the US Dollar after the Markit Manufacturing PMI report said Russian manufacturing is closer to stabilization. The actual number came at 49.1, above the prior 47.9.
When the PMI is below 50.0 the manufacturing economy is declining. A value above 50.0 indicates an expansion of the manufacturing economy. Markit argued that while price pressures continued to intensify due to the lower value of the Ruble, and Russian manufacturers continued to make job cuts, output and new orders recorded slight growth. The report marks the slowest deterioration in operating conditions since February. The market appeared to interpret this as slightly positive for the Ruble.