Investing.com – Data on the Purchasing Managers’ Index in the industrial sector issued by the Institute for Supply Management (ISM) has now also been released. Contrary to market expectations, this indicator is considered important in expectations 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.
Purchasing managers’ index data in the industrial sector indicate a recovery in economic activity, after the index exceeded expectations and the previous reading as well. It can be said that the data was in favor, not gold, this time.
During these moments of today’s trading, that is, after the release of the data, gold prices clearly reduced their gains, while the dollar index strengthened its gains during the day.
Read also:
Manufacturing PMI
The index for March recorded 50.3 points, while expectations were for it to score 48.5 points, and the previous reading was 47.8 points.
The ISM Manufacturing Index determines the level of activity of purchasing managers in the manufacturing sector, and a reading above 50 indicates expansion.
To obtain a reading of this indicator, purchasing managers determine the level of some elements in this sector, including employment, production, new orders, resource distribution, and inventories. The bullish trend a positive impact on the country’s currency. Currency traders monitor this indicator closely, as purchasing managers, due to the nature of their work, can access data about the performance of their companies, which makes this indicator a leading indicator of overall economic performance.
Read also:
Gold and dollar now
It now rises to the level of $2257 per ounce, at a rate of 0.8%.
While it rose by about 0.15% to $2237 per ounce.
On the other hand, it rises by 0.34% to 104.625 points.
2024-04-01 22:37:16
#Urgent #Important #economic #data #released #contrary #expectations.. #market #reaction #Investing.com
