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The final versions of the Markit PMIs were mixed. Data for Germany, Spain, and the United States have been revised downward from preliminary estimates. The final US index for August was 53.1, below the preliminary estimate of 53.6, although the official ISM manufacturing PMI for the same month surprised at 56 points, better than the previous 54.2.
After falling to new lows during the first half of the day, the dollar managed to recover slightly. The trigger was an optimistic index of business activity in the manufacturing sector from ISM, which provoked profit-taking. However, the dollar is still the weakest in the FX market.
Timothy Fiore, chairman of the ISM Manufacturing Business Review Committee: Demand and consumption continued to drive growth, with inputs representing short to medium term supply chain constraints. Due to the current economic situation, many of the panelists are holding back from capital investments until the end of 2020 of the year.
Market Reaction
Federal Reserve Chief Lael Brainard said on Tuesday that she was encouraged by rising consumer spending and a recovery in the housing sector. “The outlook is better than it was, but it is still highly uncertain and risks are tilting downward,” added Brainard.
EUR/USD hit 1.2011 and then declined, while GBP/USD hit 1.3481.
Commodity-pegged currencies held higher against the US dollar, boosted by strong Wall Street performance. European indices, however, closed in the red.
Gold rose to $1,989 per troy ounce but ended the day at $1,969 amid renewed demand for the dollar during the American session.
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