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ISM Manufacturing PMI jumps to 59 points – USD

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.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.