US: Markit Manufacturing PMI drops to 50.7 (final) in February vs. 50.8 expected
- US Markit Manufacturing PMI edges lower in February.
- US Dollar Index struggles to rebound from monthly lows.
The business activity in the US manufacturing sector expanded at a soft pace in February with the IHS Markit's Manufacturing PMI dropping to 50.7 from 51.9 in January. This reading came in slightly below the market expectation and the previous reading of 50.8.
Commenting on the data, "manufacturing production and order book trends deteriorated markedly in February as producers struggled against the double headwinds of falling export sales and supply chain delays, both in turn often linked to the coronavirus outbreak," said Chris Williamson, Chief Business Economist at IHS Markit.
The US Dollar Index largely ignored this data and was last down 0.65% on a daily basis at 97.50.