Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
US PMIs Drop in April, Confounding Expectations of a Rise

US PMIs Drop in April, Confounding Expectations of a Rise

Martin Essex, MSTA,

Talking Points

- The ‘flash’ US manufacturing PMI fell to 52.8 in April from March’s 53.3.

- The service-sector PMI dipped to 52.5 from 52.8; both had been expected to rise.

- Check out the DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The ‘flash’ Purchasing Managers Indexes for the US manufacturing and service sectors both dropped in April, ending a run of survey data suggesting that US economic growth continues to rise. The PMIs are now at their lowest levels since September and are lagging further behind the more reliable figures released by the Institute for Supply Management.

The manufacturing PMI had been expected to rise to 53.8 and the services PMI to 53.2. The composite PMI dipped to 52.7 from 53.0 but all the indexes remain well above the 50 level that separates expansion from contraction.

The April manufacturing ISMreport has yet to be issued but the March release concluded that economic activity in the sector expanded again last month and that the overall US economy grew for the 94th consecutive month. However, the index fell to 57.2 from 57.7.

Separately, US data on existing home sales in March came in well above expectations. Sales surged by 4.4% compared with the 2.2% expected and a downwardly-revised 3.9% fall in March. The rebound continues to suggest solid housing demand alongside a low inventories level. Existing home sales in the US are now at their highest levels for more than a decade.

In the currency markets there was little reaction to the data, with EUR/USD easing back modestly but then rallying.

Chart: EUR/USD 5’ Timeframe (April 21, Intraday)

Chart by IG

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at

Follow Martin on Twitter @MartinSEssex

If you’re looking for trading ideas, check out our Trading Guides; they’re free and updated for the second quarter of 2017

If you’re looking for ideas more short-term in nature, check out the IG Client Sentiment Data

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.