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BREAKING: USD weakens slightly after downbeat ISM Manufacturing PMI report

15:02 1 December 2022

The ISM Manufacturing PMI for the US fell to  49.0 in November from 50.2 in the previous month, below analysts’ expectations of 49.8 and pointing to the first contraction in factory activity since May of 2020. New orders (47.2 vs 49.2), supplier deliveries (47.2 vs 46.8) and backlog of orders (40 vs 45.3) contracted faster and a decline was also seen for employment (48.4 vs 50). At the same time, both production (51.5 vs 52.3) and inventories (50.9 vs 52.5) rose less. On a more positive note, price pressures eased again (43 vs 46.6).

The US manufacturing sector again moved into contraction territory. Source: Bloomberg via ZeroHedge

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Weak data for the dollar and theoretically should support further recovery on Wall Street due to reduced chances for higher rate hikes. In fact, we already know that the increases will be smaller, as the Fed has finally led to an economic slowdown. But the question is, has the economy not cooled down too much? If so, that's not very good news for indexes.

EURUSD saw relatively small reaction to today’s data releases. The most popular currency pair continues to trade above 1.0500 level. Source: xStation5

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