US ISM Manufacturing PMI rises to 58.6 in February versus 58.0 expected

Headline ISM Manufacturing PMI rose to 58.6 in February, a little above expected.
The strong data seems to have added to the US dollar's tailwinds, with the DXY recently hitting session highs around 97.20.

Joel Frank Independent Analyst

According to the latest US ISM Manufacturing survey for the month of February, the headline index rose to 58.6, above the median economist forecast for 58.0. That marked an increase versus January's 57.6 reading.

In terms of the subindices, the prices paid index fell to 75.6 from 76.1 last month, though was still a tad above the 74.6 expected. New orders rose to 61.7 from 57.9, its highest since September while employment fell to 52.9 from 54.5.

Market Reaction

The latest broadly stronger than expected February PMI survey data appears to have added to the tailwinds that the US dollar was already experiencing. The DXY has recently jumped to highs of the session in the 97.20 area, having seen a substantial rally from earlier session lows in the 96.60s amid safe-haven demand on Russia/Ukraine concerns.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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