US: ISM Manufacturing PMI declines to 59.5 in July vs. 60.9 expected

• ISM Manufacturing PMI came in lower than analysts' estimate in July.
• US Dollar Index extends sideways grind near 92.00. 

The economic activity in the US manufacturing sector continued to expand in July albeit at a softer pace than it did in June with the ISM's Manufacturing PMI declining to 59.5 from 60.6. This reading came in slightly lower than than the market expectation of 60.9.

Further details of the publication revealed that the Employment Index improved to 52.9 from 49.9 and the Prices Paid Index retreated to 85.7 from the series-high is set at 91.2 in June. Finally, the New Orders Index declined to 64.9 from 66.

Market reaction

The US Dollar Index showed little to no reaction to this report and was last seen posting small daily losses at 91.97.