The U.S. ISM Manufacturing PMI, which is an index that estimate the economic activity in the manufacturing sector in the U.S., declined during May to 53.5% after it reached on April 60.4%, i.e. a 6.9 percent points decline.
This decline in the PMI Manufacturing ISM during May shows that the U.S. economy is still demonstrating an expansion in the manufacturing sector but at a lower rate than it did in the past 12 months.
The report also pointed out that the major oil and gasoline prices inclined during May in the U.S.
The trading today, and the crude oil prices’ direction, might have been affected by this report that showed that the U.S. economy’s growth in the Manufacturing sector slowed down during May. This report might have also affected the EURO/USD as reported by forexcrunch.
The current Nymex crude oil price, short term futures (July 2011 delivery) is traded down at $99.71 per barrel, a $2.99 per barrel decrease or 2.91%, as of 21:34*.
The Dated Brent spot oil price declines by $2.91 per barrel and it is at $113.82 per barrel as of 21:45*.
Current gold price, short term futures (June 2011 delivery) is traded at $1,540.4 per t oz. a $3.7 increase or 0.24%, as of 21:36*.
Euro to US dollar conversion rate is currently traded up at 1.4333 a 0.4421% decrease as of 21:45*.
The USD/CAD is traded down at 0.9759 a 0.7680% increase as of 21:45*.
For more on this subject:
- Weekly outlook for May 30 June 3
- Gold & Silver Price – Daily Outlook 31 May
- Oil prices daily outlook 1 June