FXStreet (Łódź) - Rob Carnell from ING suggests that despite the slight decline in the US Manufacturing PMI seen yesterday, from 55.4 in May to 55.3 in June, the result has to be viewed as good one.

Key quotes

"Such a headline Mfg ISM figure is consistent with GDP growth of 3.5%, and in all likelihood, the US will grow a good deal faster than that in 2Q14, following the execrable1Q14 GDP result."

"Moreover, there is some merit in taking greater comfort from the(forward looking) rising orders component of this series, than the production (current)series, which fell marginally."

"The only other notable features of the survey were 1) the softer prices paid component, which is at odds with recent inflation data, and trends in energy prices, but if believable, takes pressure off the Fed to speed up the taper."

"Secondly, the rival Markit Mfg PMI released 15 minutes prior to this release, and showing a fairly large rise, still has question marks over it."

"Until Markit’s series starts to give consistent directional signals to the longer and more watched ISM series, it is going to struggle to gain market acceptance."

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  7. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  8. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  9. Investing

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  10. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
COMPANIES IN THIS ARTICLE
Trading Center