The Institute for Supply Management noted: “Demand remains subdued as businesses remain reluctant to invest in capital and inventories due to concerns (e.g., a resurgence in inflation) about the direction of federal monetary policy in light of fiscal policy that proposed by both major banks. parties.”
Today, traders also had the chance to view the latest reading of the S&P Global Manufacturing PMI report for October. The report showed that the S&P Global Manufacturing PMI rose to 48.5 in October from 47.8 in September, compared to analysts’ forecast of 47.8.
The US Dollar Index climbed back above the 104.00 level despite the disappointing ISM Manufacturing PMI report. Demand for the US dollar remains strong ahead of the elections.
Gold fell around the $2755 level as traders focused on the reports. From a technical perspective, gold is trying to settle above resistance at $2750 – $2760.
SP500 is recovering after yesterday’s setback. Currently, SP500 is trying to settle above the 5770 level. The weak ISM Manufacturing PMI report serves as an additional bullish catalyst for the SP500 as traders bet on a dovish Fed.
Check out our economic calendar for an overview of all today’s economic events.