The ISM Manufacturing PMI release presented a stronger-than-anticipated data, causing a further Dollar strengthening and a subsequent downmove in the EUR/USD exchange rate. The pair declined 10 base points, or 0.08%, reaching the 1.2163 level.
The ISM stated that the US Manufacturing PMI increased from 59.1 in January to 60.8 in February, representing the highest mark since May 2004. The US manufacturing activity strengthened in the reported month mainly due to expending exports that are showing their highest growth rate since April 2011. In fact, growing employment rate also was one of the factors driving the overall expansion in the domestic manufacturing sector.
