The ISM Manufacturing Purchasing Managers Index reaches 60.7 versus forecasts of 56.6. This is the highest reading since August of 2018 and the 3rd best reading over the last 15 years. Once again, the ‘analysts’ have underestimated the recovery.
The ISM(PMI) explained: The PMI is a composite index based on the seasonally adjusted diffusion indices for five of the indicators with varying weights: New Orders –30% Production –25% Employment –20% Supplier Deliveries –15% and Inventories — 10%.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
More on today’s ISM data: https://www.investing.com/economic-calendar/ism-manufacturing-pmi-173
Hat tip Charlie Bilello/@charliebilello