BREAKING: Chicago PMI rises more than expected

Reading: 48.9

Expected: 48.0; prior: 46.3

Chicago PMI, which is one of the most important local surveys, shows a stronger improvement in sentiment, although it still stays below 50 points which is a boundary between expansion and recession outlook. Details indicate that business barometer fell at a slower pace and still signals contraction. New orders and employment fell at a faster pace which is not a good sign for the PMI and ISM indices. EURUSD rebounded in the last hour, but is barely changed after this reading. The overall  picture after the reading is rather mixed. 

EURUSD is still higher, although the better than expected reading from Chicago PMI. Source: xStation5