The US ISM Manufacturing PMI declined to 50.9 in September from 52.8 in August, pointing to a loss of momentum in the manufacturing sector's growth. This was the lowest reading in over two years and was weaker than the market expectation of 52.2.

Further details of the publication revealed that the Prices Paid Index declined to 51.7 from 52.5, the Employment Index fell to 48.7 from 54.2 and the New Orders Index slumped to 47.1 from 51.3.

Developing story...

Market reaction

The US Dollar Index came under modest bearish pressure and declined toward 112.00 with the initial reaction to this report.