- Markit’s US Manufacturing PMI improved modestly in October.
- The DXY US Dollar Index remains in positive territory above the 94.00 level.
The IHS Markit US manufacturing PMI purchasing managers index rose to 53.4 points in October, from September 53.2, to show that economic activity in the manufacturing sector continued to expand at a similar rate. This figure was slightly better than the preliminary estimate and the market expectation of 53.3.
Commenting on the data, “looking for clues as to whether the economy can sustain its recovery after recovering from the crashes, the increase in the PMI in October is encouraging news“said Chris Williamson, chief business economist at IHS Markit.” It is inevitable that the pace of economic expansion will weaken after the rebound observed in the third quarter, but the strength of the PMI points to a recovery for which the underlying trend continues to strengthen at the beginning of the fourth quarter“.
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Credits: Forex Street
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