The Institute for Supply Management commented: “Demand remains subdued, as companies continue to show an unwillingness to invest in capital and inventory due to concerns (for example, inflation resurgence) about federal monetary policy direction in light of the fiscal policies proposed by both major parties.”
Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report for October. The report showed that S&P Global Manufacturing PMI increased from 47.8 in September to 48.5 in October, compared to analyst forecast of 47.8.
U.S. Dollar Index moved back above the 104.00 level despite the disappointing ISM Manufacturing PMI report. Demand for the U.S. dollar stays strong ahead of elections.
Gold settled near the $2755 level as traders focused on the reports. From the technical point of view, gold is trying to settle above the resistance at $2750 – $2760.
SP500 rebounds after yesterday’s pullback. Currently, SP500 is trying to settle above the 5770 level. The weak ISM Manufacturing PMI report serves as an additional bullish catalyst for SP500 as traders bet on dovish Fed.
For a look at all of today’s economic events, check out our economic calendar.
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