On Monday’s New York session, the U.S. ISM manufacturing PMI surprised to the upside, as it climbed from 47.8 to 50.3 for the month of March.
This surpassed the consensus at 48.5, reflecting a return to industry growth for the first time since 2022.
Components of the report revealed that the pickup was driven mostly by a sharp rebound in demand and production, as well as an increase in input costs that lifted the prices component up from 52.5 to 55.8.
Meanwhile, the jobs sub-index improved from 45.9 in February to 47.4 in March, indicating a slower pace of contraction.
Read the official U.S. ISM Manufacturing PMI report for March here
Market Reactions
Intermarket Price Action: 5-min
Dollar vs. Major Currencies: 5-min
Overlay of USD vs. Major Currencies Chart by TradingView
The Greenback popped sharply higher during the release of the March ISM manufacturing PMI, chalking gains across the board.
From there, we saw slight dips against the Swiss franc and Japanese yen and some consolidation versus the European currencies and the comdolls.
Soon after, the dollar dipped against the Aussie and Kiwi during the early Asian session right around the release of the ANZ job advertisements report and RBA meeting minutes.
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