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Chicago PMI slumps more-than-expected in May

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Forex Pros - Manufacturing activity in the Chicago area fell significantly more-than-expected in May, industry data showed on Tuesday.

In a report, market research group Kingsbury International said its Chicago purchasing managers' index fell to a seasonally adjusted 56.6 in May from 67.6 in April.

Analysts had expected the index to decline to 62.5 in May.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

According to the data, the New Orders Index and Production Index posted their largest decline in several years, but remained positive.

Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.84% to hit 1.4402.

Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average jumped 1%, S&P 500 rose 0.9%, while the Nasdaq 100 Index rallied 1.05%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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