ISM MANUFACTURING PMI PREVIEW: US FACTORY SECTOR EXPECTED TO MAINTAIN WEAK MOMENTUM IN FEBRUARY
- The US ISM Manufacturing PMI is expected to have risen modestly in February.
- Market players will also pay attention to the ISM Prices Paid Index and the Employment Index.
- EUR/USD trapped between Fibonacci levels, as PCE inflation did not move the bar.
The Institute for Supply Management(ISM) will publish the February United States (US) Manufacturing Purchasing Managers’ Index (PMI) on Friday, the first business day of March. The report is considered a reliable indicator of the US manufacturing sector's health, and the direction of the overall economy. The figures are expressed in percentages, with anything above 50.0 indicating expansion and readings below reflecting business contraction.
The US February Manufacturing PMI is foreseen at 49.5, improving from the December reading of 49.1 but still falling short of the desired threshold. According to the official release, “the manufacturing sector contracted in January for the 15th consecutive month following one month of “unchanged” status (a PMI reading of 50) and 28 months of growth prior to that.”
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