The index US manufacturing PMI published by ISM fell two tenths in May, standing at 46.9 compared to 47.1 points in April, slightly below the 47 expected by the market consensus. This is the lowest figure seen in two months and the second weakest in three years.
He employment component of the manufacturing ISM, however, has risen to 51.4 from 50.2, bettering the 49.8 estimate, its highest level since August 2022.
He price paid index has fallen sharply, falling back to 44.2 from 53.2, far from the expected 52 points. This is the lowest figure recorded since December 2022.
Finally, the new orders component has dropped to 42.6 from 45.7, disappointing the 44.9 estimate.
EUR/USD reaction
He EUR/USD has reacted upwards to the weak data from the US manufacturing sector, although it has subsequently fallen back to pre-data levels. The pair is up 15 pips, initially rising to 1.0741, its highest level in two days. At time of writing, the Euro is trading against the Dollar at about 1.0725, gaining 0.34% daily.
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.
