Good news for the US manufacturing sector: the ISM manufacturing PMI certainly beat expectations with 59 points, reflecting strong growth. This matches the highest level since 2011. New orders are at 65.8 points and employment and 55.5 points. On the other hand, construction spending dropped 0.4%, much worse than a rise of 0.8% expected.
The dollar is stronger: EUR/USD rises drops to 1.2480, USD/JPY edges closer to 114 and GBP/USD to 1.5970. USD/CAD extends its rise to 1.1311, AUD/USD dips below 0.87 and NZD/USD edges closer to 0.77.
Update: NZD/USD is at a new low under 0.77
The US ISM Manufacturing PMI was expected to stand at 56.5 points in October after a similar 56.6 points in September. This is the first hint towards Friday’s all important Non-Farm Payrolls report.
The US dollar remained very strong towards the publication, with EUR/USD just under 1.25, USD/JPY around 113.80 and GBP/USD at 1.5980. — more coming
Earlier, Markit’s final manufacturing PMI showed 55.9 points, lower than 56.1 points originally reported.
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