• S&P Global Manufacturing PMI fell toward 50 in October.
• US Dollar Index stays deep in negative territory below 111.00.

The S&P Global Manufacturing PMI declined to 50.4 in October from 52 in September. This reading came in better than the initial estimate and the market expectation of 49.9.

Assessing the survey's findings, "October PMI data signalled a subdued start to the final quarter of 2022, as US manufacturers recorded a renewed and solid drop in new orders," said Siân Jones, Senior Economist at S&P Global Market Intelligence.

"Domestic and foreign demand weakened due to greater hesitancy among clients as prices rose further and amid dollar strength," Jones added. "As such, efforts to clear backlogs of work, rather than new order inflows, drove the latest upturn in production."

Market reaction 

The greenback failed to help the dollar gather strength against its rivals. As of writing, the US Dollar Index was down 0.6% on the day at 110.88.