Question of the week
The Institute of Supply Management (ISM) publishes the Purchasing Managers Index (PMI – also called the ISM Manufacturing Index). The index measures the relative level of US business conditions, including employment, production, new orders, prices, supplier deliveries and inventories. Data for the index is compiled from a survey of approximately 400 purchasing managers in the manufacturing industry.
An index reading above 50 indicates an expanding manufacturing economy and a reading below 50 indicates a contraction. Similarly, a higher-than-expected reading is seen as positive/bullish for the US dollar, while a lower reading is interpreted as negative/bearish for the US dollar.
The opinion expressed above is dated 14th October 2020, and liable to change.
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