- The US S&P Global Manufacturing PMI dipped below 50 in early November.
- The Dollar Index extended its daily slide after the data.
Business activity in the US manufacturing sector contracted in early November and the S&P Global manufacturing PMI fell to 47.6 from October’s 50.4. This reading was weaker than the market expectation of 50.
“The decrease in the main data was contributed to by a further drop in production and a sharper decline in new orders“, explained S&P Global in its publication.
Commenting on the survey, “in this environment, inflationary pressures should continue to cool in the coming months, potentially significantly, but in the meantime the economy continues to head into a probable recessionsaid Chris Williamson, chief business economist at S&P Global Market Intelligence.
Source: Fx Street