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  • US ISM Manufacturing PMI edged higher in April.
  • USD came under modest selling pressure after the upbeat data.

The economic activity in the US manufacturing sector continued to expand at an impressive pace in May with the ISM’s Manufacturing PMI rising to 61.2 from 60.7 in April. This reading came in higher than the market expectation of 60.7 as well.

Further details of the publication revealed that the Employment Index fell to 50.9 from 55.1 and the Prices Paid Index declined modestly to 88 from the 13-year high it set at 89.6 in April. Finally, the New Orders Index improved to 67 from 64.3.

Market reaction

The US Dollar Index edged lower after this report and was last seen losing 0.1% on the day at 89.75.