“Manufacturing PMI data positive, gold drops below $2000 level”

Investing.com – The manufacturing PMI data has now been released contrary to market expectations, as this indicator is important in the outlook for the coming period, as it gives an overview of the performance of the economy in general and whether it is heading towards recession or not.

The data was positive this time, to warn that the economy is recovering and moving away from recession in the coming period, which he does not want, given that this contributes to the rise in inflation, and therefore this data supports the Fed’s tightening in its monetary policy. It interacted with the issuance of the data and now fell below levels of $2,000 an ounce, while breaking its stability and turning to gains during these moments of today’s trading.

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Manufacturing PMI

The Manufacturing Purchasing Managers’ Index for the month of April recorded 50.2 points, after expectations had indicated that it would record 50.4 points, while it recorded 49.2 points in the previous reading.

(ISM) recorded for the month of April 47.1 points, while expectations indicated that it would score 46.8 points, and the previous reading was at 46.3 points.

While (ISM) scored 53.2 points in April after it was destined to score 49 points, after it scored 49.2 points in February.

The Industrial Support Management (ISM) index determines the activity level of purchasing managers in the industrial sector. A reading above 50 indicates expansion, and vice versa if it is below 50 points.

To get a reading of this indicator, purchasing managers determine the level of certain elements in the sector, including employment, production, new orders, resource allocation, and inventories. The bullish trend a positive impact on the country’s currency.

Currency traders closely monitor this index, as purchasing managers, due to the nature of their work, can access data about their companies’ performance, which makes this index a leading indicator of general economic performance.

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Dollar and gold now

Declining by 0.15% at $1995 an ounce.

While spot contracts fell by 0.1% to 1988 dollars.

The dollar index rose by 0.3% to 101.67 points.