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ISM Manufacturing PMI Improved To 49.1 In January

Key Insights ISM Manufacturing PMI increased from 47.4 in December […]

Key Insights

  • ISM Manufacturing PMI increased from 47.4 in December to 49.1 in January. 
  • S&P Global Manufacturing PMI improved from 47.9 to 50.7.
  • SP500 rebounded towards 4870 as traders reacted to the reports. 

On February 1, 2024, the Institute for Supply Management released ISM Manufacturing PMI report. The report indicated that ISM Manufacturing PMI improved from 47.4 in December to 49.1 in January, compared to analyst consensus of 47. Numbers below 50 show contraction. The economic activity in the manufacturing sector contracted for the 15th consecutive month.

The Institute for Supply Management commented: “Demand remains soft but shows signs of improvement, and production execution is stable compared to December, as panelists’ companies continue to manage outputs, material inputs and labor costs.”

Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report for January. The report showed that Manufacturing PMI increased from 47.9 in December to 50.7 in January, compared to analyst consensus of 47.2.

U.S. Dollar Index settled near the 103.50 level after the release of PMI reports. Traders digest Powell’s comments, and it remains to be seen whether better-than-expected PMI data would provide additional support to the American currency.

Gold continues its attempts to settle above the $2050 level. The recent pullback in Treasury yields provided material support to precious metals markets.

SP500 made an attempt to settle above the 4870 level as traders reacted to PMI data. From the technical point of view, SP500 is trying to rebound after yesterday’s sell-off.

For a look at all of today’s economic events, check out our economic calendar.

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Written by : Editorial team of BIPNs

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