US: Markit Manufacturing PMI improves to 51.3 in July vs. 51.5 expected

• Markit Manufacturing PMI for US rises above 50 threshold in July.
• US Dollar Index continues to stay deep in red near 94.60.

The business activity in the US manufacturing sector is expected to expand in July with the IHS Markit's advanced Manufacturing PMI rising from 49.8 in June to 51.3. This reading came in slightly weaker than analysts' estimate of 51.5.

Further details of the publication revealed that the Services PMI edged higher to 49.6 but fell short of experts' forecast of 51 and the Composite PMI arrived at 50 following June's print of 47.9.

Commenting on the data, "while the stabilisation of business activity in July is welcome news, the lack of growth is a disappointment," said Chris Williamson, Chief Business Economist at IHS Markit. "Moreover, a renewed acceleration in the rate of loss of new business raises concerns that demand is faltering."

Market reaction

The US Dollar Index largely ignored this report and was last seen losing 0.2% on the day at 94.59.