According to the Institute for Supply Management (ISM), the Manufacturing PMI rose to 50.9 in January from 49.3 in the previous month, beating market expectations of 49.8.
Additionally, the Prices Paid Index—a measure of inflation—rose to 54.9 from 52.5, while the Employment Index increased to 50.3 from 45.4, and the New Orders Index improved to 55.1.
The US dollar maintained its upbeat performance so far on Monday, motivating the US Dollar Index (DXY) to maintain its marked gains above the 109.00 mark for now.
Excitement is building as the Institute for Supply Management (ISM) prepares to release its January US Manufacturing Purchasing Managers' Index (PMI) on Monday. The report is a key barometer of the health of the United States (US) manufacturing sector and offers valuable insight into the direction of the broader economy.
PMI Thresholds: A PMI above 50.0 indicates that the manufacturing sector is expanding, while a reading below 50.0 indicates contraction.
Expectations: Analysts are anticipating a PMI of 49.5 for January. This is a slight improvement from 49.3 in December, which indicated a slight easing in contraction but is still below the critical 50.0 mark.
Despite the slight improvement, the January PMI is expected to remain in contraction territory. However, it is important to note that the economy as a whole has been on an impressive 56-month expansion track, with only a brief dip in April 2020 during the height of the pandemic.
Source: FXstreet
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