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  • Economic activity in the US’ manufacturing sector continued to expand in August.
  • US Dollar Index rebounds modestly after the PMI data. 

The IHS Markit’s Manufacturing Purchasing Managers’ Index (PMI) for the US improved from 50.9 in July to 53.1 in August to show that the economic activity in the manufacturing sector continued to expand at a robust pace. This reading came in slightly weaker than the previous estimate and the market expectation of 53.6.

Commenting on the data, “the manufacturing upturn gained further ground in August, adding to indications that the third quarter should see a strong rebound in production from the steep decline suffered in the second quarter,” Chris Williamson, Chief Business Economist at IHS Markit said. “Key to the upturn was a jump in new export orders, which rose at the fastest rate for four years, reflecting improving demand in many foreign markets, and benefitting larger companies in particular.” 

Market reaction

The US Dollar Index edged slightly higher after this data and was last seen losing 0.15% on the day at 92.02.

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