The Institue for Supply Management’s (ISM) Manufacturing PMI in June edged down to 51.7 from 52.1 in May but beat the market expectation of 51. With the initial market reaction, the greenback continued to gather strength against its rivals and was last seen up 0.5% on the day at 96.60.
Assessing the data, “Comments from the panel reflect continued expanding business strength, but at soft levels; June was the third straight month with slowing PMI expansion” said Timothy R. Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
“Demand expansion ended, with the New Orders Index recording zero expansion, the Customers’ Inventories Index remaining at a too-low level, and the Backlog of Orders Index contracting for the second straight month.”
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