The Institute for Supply Management (ISM) data showed the manufacturing PMI fell to 48.2 in November, down from 48.7 in October and below analysts’ expectations of 48.6.
Meanwhile, the prices paid index, which tracks inflation, rose to 58.5 from 58, the employment index weakened to 44 from 46, and the new orders index contracted to 47.4 from 49.4.
Market reaction
The US dollar continues its downbeat performance at the beginning of the week, prompting the US Dollar Index (DXY) to pull back towards key support around 99.00, falling for the seventh day in a row.
US dollar price today
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed today. The US dollar was the strongest against the New Zealand dollar.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.31% | -0.09% | -0.81% | -0.10% | -0.19% | -0.06% | -0.14% | |
| euro | 0.31% | 0.22% | -0.45% | 0.21% | 0.12% | 0.24% | 0.16% | |
| GBP | 0.09% | -0.22% | -0.66% | -0.01% | -0.10% | 0.03% | -0.05% | |
| JPY | 0.81% | 0.45% | 0.66% | 0.65% | 0.55% | 0.68% | 0.60% | |
| Canadian | 0.10% | -0.21% | 0.00% | -0.65% | -0.10% | 0.03% | -0.04% | |
| Australian dollar | 0.19% | -0.12% | 0.10% | -0.55% | 0.10% | 0.13% | 0.05% | |
| New Zealand dollar | 0.06% | -0.24% | -0.03% | -0.68% | -0.03% | -0.13% | -0.08% | |
| Swiss franc | 0.14% | -0.16% | 0.05% | -0.60% | 0.04% | -0.05% | 0.08% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
This section below is published as a preview of the US ISM Manufacturing Report for November at 11:50 GMT.
The US Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) data for November is due today at 15:00 GMT.
Investors will be watching the manufacturing PMI data closely to get an overview of overall factory activities. The ISM is expected to show that the manufacturing PMI fell to 48.6 from 48.7 in October. This is the ninth month in a row that the manufacturing PMI is expected to come in below 50.0. A number below 50.0 is considered a contraction in economic activity.
In addition to the Purchasing Managers’ Index (PMI) data, investors will also focus on subcomponents, such as prices paid, the employment index and the new orders index. The manufacturing prices paid index, which reflects changes in input prices, is expected to rise to 59.5 from the previous reading of 58.0.
How could the US ISM Manufacturing PMI affect the EUR/USD pair?
On the daily chart, the EUR/USD pair is trading at 1.1629 during the European trading session. The major currency pair is holding above the 200-day Exponential Moving Average (EMA) at 1.1437, showing a positive trend. A gentle rise of the 200-day EMA supports the emerging uptrend.
The 14-day Relative Strength Index (RSI) at 57 (neutral upside) confirms strengthening momentum below overbought conditions.
A break above the downtrend line resistance at 1.1625 would signal a shift to the upside and would improve the technical tone.
The downtrend line drawn from 1.1770 has been cleared, and the pair will continue its gains while settling above the breakout zone. Pullbacks could find demand around the 200-day EMA, while continued strength above the current level keeps the short-term bias pointing higher.
(Technical analysis of this story was written with the help of an artificial intelligence tool)
Economic indicator
ISM Manufacturing PMI
the Institute for Supply Management (ISM) The Manufacturing Purchasing Managers’ Index (PMI), released on a monthly basis, is a leading index that measures business activity in the manufacturing sector in the United States. The index is obtained from a survey of manufacturing supply executives based on information they have collected within their organizations. Survey answers reflect the change, if any, in the current month compared to the previous month. A reading above 50 indicates that the industrial economy is generally expanding, which is a bullish signal for the US dollar. A reading below 50 indicates that factory activity is generally declining, which is considered bearish for the US dollar.
Read more.
Next release:
Monday 01 December 2025 at 15:00
repetition:
monthly
consensus:
48.6
former:
48.7
source:
Institute of Supply Management
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) provides a reliable outlook on the state of the US manufacturing sector. A reading above 50 indicates expansion of business activity during the survey period and vice versa. PMIs are leading indicators and can indicate a turn in the economic cycle. Stronger than expected prints usually have a positive impact on the US dollar. In addition to the headline PMI, the Employment Index and Prices Paid Index numbers are closely watched as they highlight the labor market and inflation.
