ISM Manufacturing PMI remains strong at 57 points


The US ISM Manufacturing PMI stands at 57 points in December 2013, reflecting strong growth. It was expected to tick down from 57.3 to 56.8 points in December. The employment component is a significant hint for the Non-Farm Payrolls report next week. The component also remained stable on high ground, rising from 56.5 to 56.9 points.

Before this release, the US dollar was on a roll, with EUR/USD falling below 1.3650, GBP/USD losing 1.65 and with only the yen making some kind of comeback.  USD/JPY is now stabilizing, and EUR/USD seems to do so as well, hanging around 1.3650. GBP/USD had a bigger reaction, dropping to 1.6410.– updates coming

Also other components were positive: prices paid rose from 52.5 to 53.5 points. This reflects not too slow inflation. New orders rose from 63.6 to 64.2 points, showing very strong growth.

Earlier, Markit’s manufacturing final PMI for December was revised up from 54.4 to 55 points. An upgrade was also recorded in the employment component, which rose from 53.7 to 54 points. Jobless claims stand on 339K, within expectations.

Construction spending, released at the same time, showed a rise of 1%, above expectations for 0.7%.

The US manufacturing sector is relatively small in comparison to the services sector, but is nevertheless important. The services figure is released next week.

More: FX Outlook 2014 – Conditional Dollar Strength

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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.


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