⚡️The US ISM Manufacturing PMI is foreseen at 47.7 in September, improving further after June’s bottom. ⚡️ISM Prices Paid Index and Employment Index could give hints about the Federal Reserve’s next steps. ⚡️The risk for a EUR/USD corrective advance increased as the pair has fallen for 11 weeks in a row. ⚡️The Institute for Supply Management (ISM) will publish the United States September Manufacturing Purchasing Managers’ Index (PMI) on Monday, October 2. The index is expected to have ticked modestly higher to 47.7 from its previous monthly reading of 47.6. The official Manufacturing PMI has been within contraction levels ever since falling to 49 in November 2022 and slowly moving away from the multi-year low posted last June at 46.
⚡️What to expect from the ISM manufacturing PMI report?
⚡️Beyond the modest uptick in the headline figure, market players anticipate an improvement in all sub-components. The Employment Index is foreseen at 49 from 48.5 in August, while New Orders are expected to print 47 after posting 46.8 in August. Finally, the ISM Manufacturing Prices is anticipated at 48.9 in September, up 0.5 percentage points from the former reading.