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PMI Nudges Higher, Dollar Strength Impacts Noted

US DATA
  • The S&P Global US manufacturing PMI was modestly revised up 0.2pts to 52.0 in the final September print, leaving a 0.5pt increase from August’s 51.5 but still close to lows for the post-pandemic recovery.
  • It introduces some evidence against the slide in the MNI Chicago PMI and helps Tsy yields pull off session lows but impact limited ahead of the ISM counterpart following closely at 1000ET.
  • Dollar strength sees focus in press release: “Manufacturers across the board are, however, reporting further export losses, linked to weaker economic growth abroad and the dollar’s strength. “While the strong dollar is curbing exports, a beneficial effect from the greenback’s strength is being seen via lower import costs. With supply chain delays also easing substantially again in September and shipping costs falling, upwards pressure on firms’ costs has moderated sharply, which will feed through to lower goods prices to consumers.””
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