For all economic data releases and events see the DailyFX Economic Calendar
According to the Institute for Supply Management (ISM), the US manufacturing sector contracted for the second consecutive month in May, as the Manufacturing PMIregistered 48.7%, down 0.5% compared to April’s reading of 49.2%. “After breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last two months at a faster rate in May. Two out of five subindexes that directly factor into the Manufacturing PMIare in expansion territory, up from one in April. The New Orders Index moved deeper into contraction after one month of expansion in March.’
Full ISM Report
For all economic data releases and events see the DailyFX Economic Calendar
The US dollar turned lower after the ISM release with the US dollar breaking through 38.2% Fibonacci retracement support at 104.37 and through the 200-day simple moving average. The greenback is now looking at the May 16th multi-week low at 104.10.
