US Markit PMI data for May 2019 (preliminary)
- manufacturing PMI 50.6 versus 52.7 estimate. Last month 52.6
- services PMI 50.9 versus 53.5 estimate. Last month 53.0
- US composite PMI 50.9 versus 53.0 last month
- manufacturing PMI lowest since September 2009
- manufacturing new orders index in contraction territory for the 1st time since August 2009
- employment falls to the lowest reading since April 2017
- services sector PMI at the lowest since February 2016
The Markit PMI preliminary data for the month of May came in much weaker than expectations but is able to stay just above the 50.0 level indicative of a expansionary bias.
The weaker data has weakened the USD and has helped bottom the EURUSD. It has moved up to 1.1127 after dipping to new YTD lows at 1.11064.
