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24 Oct 2022

US: S&P Manufacturing PMI drops to 49.9 vs. 51.2 expected

  • US S&P Manufacturing PMI dropped into contraction territory in early October.
  • US Dollar Index fell below 112.00 on disappointing PMI surveys. 

Business activity in the US manufacturing sector contracted slightly in early October with the preliminary S&P Global Manufacturing PMI declining to 49.9 from 52 in September. This reading came in weaker than the market expectation of 51.2.

Further details of the publication revealed that the Services PMI slumped to 46.6 from 49.3 and the Composite PMI fell to 47.3 from 49.5. Both of these prints fell short of anaylsts' projections.

Commenting on the data, "the US economic downturn gathered significant momentum in October, while confidence in the outlook also deteriorated sharply," noted Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.

"The decline was led by a downward lurch in services activity, fuelled by the rising cost of living and tightening financial conditions," Williamson added. "While output in manufacturing remains more resilient for now, October saw a steep drop in demand for goods, meaning current output is only being maintained by firms eating into backlogs of previously placed orders."

Market reaction

The greenback lost interest after the data with the US Dollar Index declining below 112.00.

Oct 24, 2022

GBP/USD: UK’s poor fundamental backdrop will to continue to act as a downward drag – Rabobank

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Oct 24, 2022

USD/TRY finally surpasses 18.60 to print new all-time highs

The Turkish lira depreciates to fresh all-time lows vs. the dollar and lifts USD/TRY to the area beyond the 18.6000 region. USD/TRY: Next target at 19
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