US: Markit Manufacturing PMI fell to 51.9 in January from 52.4 in December

• Markit Manufacturing PMI (final) fell to 51.9 in January.
• US Dollar Index continues to push higher ahead of ISM data.

The economic activity in the US’ manufacturing sector continued to expand in January but lost some momentum with the IHS Markit’s Manufacturing PMI falling to 51.9 in January from 52.4 in December.

This reading, however, came in slightly better than the previous estimate and the market expectation of 51.7.

Commenting on the data, “US manufacturing limped into 2020, with falling exports dampening output growth and causing a pull-back in hiring,” noted Chris Williamson, Chief Business Economist at IHS Markit. “The survey data are consistent with factory production falling moderately.”

USD reaction

The US Dollar Index continued to edge higher after the data and was last seen adding 0.47% on the day at 97.82.