US: ISM Manufacturing PMI edges lower to 60.7 in April vs. 65 expected

• US ISM Manufacturing PMI in April fell modestly.
• US Dollar Index continues to push lower after this data.

The economic activity in the US manufacturing sector continued to grow at a strong pace in April with the ISM Manufacturing PMI arriving at 60.7. However, this reading came in weaker than the 37-year high set at 64.7 in March and missed the market expectation of 65.

Further details of the publication revealed that the Employment Index fell to 55.1 from 59.6 and the Prices Paid Index rose to its highest level since 2008 at 89.6 from 85.6. Finally, the New Orders Index edged lower to 64.3 from 68.

Market reaction

The US Dollar Index extended its daily slide after this report and was last seen losing 0.4% at 90.94.