Investing.com - Manufacturing activity in the U.S. expanded in March for the first time in seven months and at a better-than-expected pace, industry data showed on Thursday.
In a report, the Institute for Supply Management said its index of purchasing managers advanced to 51.8 last month from a reading of 49.5 in February. Analysts had expected the manufacturing PMI to rise to 50.7 in March.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The New Orders Index registered 58.3, compared to the reading of 51.5 in February.
The Employment Index registered 48.1, an unexpected drop of 0.4 points compared to the February reading of 48.5. Analysts had forecast a rise to 49.5
The Prices Index registered 51.5, an increase of 13 points above the February reading of 38.5.
EUR/USD was trading at 1.1370 from around 1.1384 ahead of the release of the data, GBP/USD was at 1.4180 from 1.4204 earlier, while USD/JPY was at 112.14 from 112.06 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.83, compared to 94.73 ahead of the report.
Meanwhile, U.S. equity markets were lower after the open. The Dow 30 fell 0.41%, the S&P 500 lost 0.43%, while the Nasdaq Composite shed 0.42%.
Elsewhere, in the commodities market, gold futures traded at $1,215.00 a troy ounce, compared to $1,219.30 ahead of the data, while crude oil traded at $36.79 a barrel from $36.94 earlier.