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USD and S&P500 Jump on ISM Manufacturing Beat

USD and S&P500 Jump on ISM Manufacturing Beat

Rich Dvorak, Analyst

JANUARY 2019 ISM MANUFACTURING INDEX: TALKING POINTS

  • ISM Manufacturing Index expands to 56.6 beating expectations of 54.2
  • All components of the PMI showed improvement
  • The report follows healthy NFP numbers that counter recent market fears over deteriorating US fundamentals

The ISM Manufacturing Index just came across the wires and the better than expected data is helping the US Dollar and stocks rise this morning. The metric came in at 56.6 compared to an estimate of 54.2 and last period’s reading of 54.3 which widely missed expectations.

US DOLLAR INDEX PRICE CHART: 1-MINUTE TIME FRAME (FEBRUARY 02, 2019 INTRADAY)

USD and S&P500 Jump on ISM Manufacturing Beat

The January PMI showed the US manufacturing sector expanded for the 29th consecutive month. The report was particularly healthy as all components of the indicator grew more rapidly than the prior period with the exception of prices. The data reading followed robust job growth announced in January’s US Nonfarm Payroll report this morning despite a downward revision to December’s numbers.

US S&P500 INDEX PRICE CHART: 1-MINUTE TIME FRAME (FEBRURARY 02, 2019 INTRADAY)

USD and S&P500 Jump on ISM Manufacturing Beat

The positive economic data comes at an interesting time as the Federal Reserve takes a 180-degree turn on their monetary policy stance from hawkish to dovish which was most recently echoed by Fed Chairman Jerome Powell and the FOMC Statement earlier this week. The pivot in policy comes amid fears of slowing global growth spilling over to the US economy which could also be adversely impacted by the recent government shutdown. Although, American economists have been in the dark without hard economic data like 4Q 2018 US GDP as several indicators are still delayed, the ISM Manufacturing Index shows that the US economy remains on solid footing.

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Written by Rich Dvorak, Junior Analyst for DailyFX

Follow on Twitter @RichDvorakFX

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