The early Chicago ISM PMI climbed up to a strong 59.8 points, better than 57 predicted. A level of 59.6 points was recorded in the previous month. This is a report for the month of February. Among the comments, we can see that employment bounces back strongly while production, new orders and backlogs all expand at a slower rate.
The good figure, which is not too common lately, helped the US dollar recover against major currencies.
US GDP growth was revised to the downside, to 2.4%. This was slightly below expectations, but the composition was more favorable. The recovery began before the Chicago PMI but extended now.
USD/JPY is climbing after breaking above 102. EUR/USD is dipping only a bit: it is still well supported by the better inflation numbers in the euro-zone.
The revised consumer sentiment from the University of Michigan as well as the US pending home sales are awaited in this busy Friday that ends the month.
