The index US Preliminary Manufacturing PMI published by S&P Global has shown a rise of six tenths in January, standing at 46.8fRent at 46.2 in December, maximum of two months. The result improves by seven tenths the estimate by the experts of 46.1.
The Services PMI has jumped 1.9 points to 46.6 from the previous 44.7, a new three-month high. The figure exceeds the forecasts of 44.7 established by the market.
Finally, the integrated PMI has advanced to 46.6 from 45, improving the 44.7 point estimate.
Commenting on the preliminary US PMI data, Chris Williamson, S&P Chief Business Economist Global Market Intelligence, said: “The US economy has started 2023 on a disappointingly soft note, with a sharp contraction in business activity again in January. Although it moderated compared to December, the rate of decline is among the steepest since the global financial crisis, reflecting the decline in activity in both manufacturing and services.
dollar reaction
The DXY Dollar Index has reacted upwards after the publications due to an increase in risk aversion due to the weak data. The asset has risen nearly 20 pips to 102.33, its highest level in two days. At time of writing, the greenback is trading above 102.27, gaining 0.24% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
