ISM Manufacturing Data at 57.6: Employment and Prices Rise
US Manufacturing PMI Just Edges Estimate
- US Manufacturing PMI = 57.6 (actual) vs 57.5 (expected)
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The US manufacturing sector expanded for the 20th month in a row. While September to November we saw prints above 60, the January figure below 60 is still positive in the grand scheme of things.
Certain subsections of the data will be analyzed more closely, like the employment and prices sections as the Fed looks set to hike rate in March. Employment is slightly higher (+0.6%) while prices are a massive (+7.9%) higher than the December number. Continued higher prices have opened the door to the possibility of a 50 basis point hike in March instead of the standard 25 basis points however, this looks unlikely for now.
The proxy for the dollar (US Dollar Index), saw a slight bid after the release but has since then continued to trade at similar levels witnessed in the leadup to the data.
US Dollar Basket (DXY) 5 Min Chart
Source: IG, prepared by Richard Snow
--- Written by Richard Snow for DailyFX.com
Contact and follow Richard on Twitter: @RichardSnowFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.