The forward looking Chicago PMI surprised with a leap from 55.9 to 63 points, far above 56.6 expected. This is the highest level since October. The figure was released a bit before the original schedule.
This is good news for the dollar, that is still licking its wounds from the Q1 GDP release. The US dollar is a bit higher, especially against the yen, but there is a far more to recover after the shocking GDP report– more coming
The Chicago Purchasing managers’ index is for the month of April. A clearer picture of the US economy is taking shape: Q1 was horrible and April already sees a rebound.
The US economy grew by only 0.1% (annualized) in Q1 2014 according to the first release. This big disappointment hurt the US dollar. A drop in business investment was the main worry.
On the other hand, the ADP NFP beat expectations with a gain of 220K jobs and a positive revision to March data.
Stay tuned for a live coverage of the Fed decision.
