U.S. ISM manufacturing PMI rises to 6-month high

Forexpros - Manufacturing activity in the U.S. rose more-than-expected in December, expanding at the highest rate since June, industry data showed on Tuesday.In a report, the Institute for Supply Management said its index of purchasing managers rose by 1.2 points to 53.9 in December from 52.7 in November.Analysts had expected the ISM index of purchasing managers to ease up by 0.5 points to 53.2 in December. On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.The report showed that the ISM index of manufacturing prices rose less-than-expected in December, climbing by 2.5 points to 47.5 from 45.0 in November and below expectations for a reading of 47.9. The New Orders Index increased 0.9 percentage point from November to 57.6 percent, reflecting the third consecutive month of growth after three months of contraction.Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, 'Manufacturing is finishing out the year on a positive note, with new orders, production and employment all growing in December at faster rates than in November, and with an optimistic view toward the beginning of 2012 as reflected by the panel in this month's survey."Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD climbing 0.9% to trade at 1.3051.Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 2.15%, the S&P 500 index surged 2.1%, while the Nasdaq Composite index climbed 2.35%.
Forexpros - Forexpros offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.