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ISM Manufacturing PMI Gave Some Support to US Dollar

Institute of Supply Management reported the Manufacturing PMI for February 2014, which shows that the economic activity in manufacturing sector expanded in February for the ninth consecutive month and the overall economy grew for the 57th consecutive month. The February PMI registered 53.2% an increase in 1.9% points from January’s reading of 51.3%.The New Orders Index registered 54.5% an increase of 3.3% points from January reading of 51.2%. The production index registered 48.2% a decrease of 6.6% points from January’s reading of 54.8%. Out of the 18 manufacturing industries, 14 are showing growth in February.

EURUSD and GBPUSD extended their losses and USDJPY gained after the report was released.