ISM Manufacturing PMI was better than expected, and scored . Surprisingly, the dollar fell against most currencies, after hitting a good start to the month. In this case, bad data meant bad news for the dollar, even though forex traders were expecting for worse data.
February began with a stronger dollar, against everyone. Well, except the Japanese Yen. This data, despite being better than expectations, weighed on the greenback.
The dollar began losing ground about two hours before the release, as other data was published.
Earlier, Core PCE Price Index was within expectations – unchanged. Also Personal Spending was within expectations, and fell by 1%. Personal Income was slightly better than expected, dropping by 0.2%, better than -0.4% that was predicted.
Also released at 15:00 GMT: Construction Spending that fell by 1.4%, and ISM Manufacturing Prices that was also better then expected, at 29.
