Against the backdrop of weaker demand both in Europe Asia, it is just as well that the world's largest economy is showing some economic resolve. Indeed, it could be argued that the ability of the United States to demonstrate such resilience into the teeth of this global economic headwind is actually quite impressive. On a day when various manufacturing indices across Europe and Asia made for fairly depressing reading, the ISM index for March popped up to 53.4, above the 6mth average and in excess of expectations. Production and orders were relatively buoyant, while the employment component registered a 9mth high. Commenting on the figures, a spokesman for ISM claimed that the first quarter had shown consistent growth. The recent decline in oil prices, together with growth figures such as these, are supporting risk appetite.
Also in today's Daily Forex Brief:
- Improving British fortunes
- The continuing retreat in global manufacturing
- Some big moves in the yen crosses
- Europe's shame on youth unemployment