US ISM Manufacturing PMI improves to 50.3 in March vs. 48.4 expected
|- US ISM Manufacturing PMI rose above 50 in March.
- The US Dollar gathers strength against its rivals after upbeat PMI data.
Business activity in the US manufacturing sector expanded at a modest pace in March, with the ISM Manufacturing PMI rising to 50.3 from 47.8 in February. This reading came in better than the market expectation of 48.4.
Other details of the report showed that the Employment Index edged higher to 47.4 from 45.9, the New Orders Index climbed to 51.4 from 49.2 and the Prices Paid Index, the inflation component, rose to 55.8 from 52.5.
Assessing the survey's findings,"the U.S. manufacturing sector moved into expansion for the first time since September 2022. Demand was positive, output strengthened and inputs remained accommodative," said Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee, and added: "The Prices Index moved further upward in moderate expansion (or ‘increasing’) territory as commodity driven costs remain unstable."
Market reaction
The US Dollar gathered strength against its rivals with the immediate reaction. At the time of press, the US Dollar Index was up 0.35% on the day at 104.89.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.