When is the US ISM Manufacturing PMI data and how could it affect EUR/USD?
US ISM Manufacturing PMI Overview
The United States (US) Institute of Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) data for February is due for release today at 15:00 GMT.
The ISM report is expected to show that the manufacturing sector activity expanded again, but at a moderate pace. The Manufacturing PMI is at 51.8, down from 52.6 in January. Last month, manufacturing sector activity expanded for the first time after remaining below 50.0 for a straight 10 months, a figure that separates expansion from contraction.
Apart from the Manufacturing PMI, investors will also focus on sub-components of the data, such as Employment Index, Prices Paid, and New Orders Index. ISM Manufacturing Prices Paid – which reflects changes in expenditure for inputs such as labor and raw materials – is estimated higher at 59.5 from the previous reading of 59.0.
Weaker-than-projected US ISM Manufacturing PMI data would prompt expectations for interest rate cuts by the Federal Reserve (Fed), as policymakers remain concerned over the economic outlook. On the contrary, higher figures would diminish them.
How could US PMI data affect EUR/USD?
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EUR/USD trades 0.75% lower at around 1.1730 at the press time. The near-term bias turns mildly bearish as spot slips below the 20-day Exponential Moving Average near 1.1800.
The 14-day Relative Strength Index (RSI) has retreated further towards 40.00 after failing to return above 60.00, indicating selling pressure at higher levels. Fresh bearish momentum would appear if the RSI breaks below 40.00.
Immediate support emerges at the trend-line break area around 1.1645, with a clear violation exposing the mid-1.15 region and then the 1.1489 origin of the uptrend. On the upside, initial resistance stands at the 20-day EMA around 1.1800, followed by the recent swing highs at 1.1880 and then the 1.2030 peak, which caps the broader bullish structure and would need to give way to negate the current corrective tone.
(The technical analysis of this story was written with the help of an AI tool.)
Economic Indicator
ISM Manufacturing PMI
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI), released on a monthly basis, is a leading indicator gauging business activity in the US manufacturing sector. The indicator is obtained from a survey of manufacturing supply executives based on information they have collected within their respective organizations. Survey responses reflect the change, if any, in the current month compared to the previous month. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the US Dollar (USD). A reading below 50 signals that factory activity is generally declining, which is seen as bearish for USD.
Read more.Next release: Mon Mar 02, 2026 15:00
Frequency: Monthly
Consensus: 51.8
Previous: 52.6
Source: Institute for Supply Management
The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI) provides a reliable outlook on the state of the US manufacturing sector. A reading above 50 suggests that the business activity expanded during the survey period and vice versa. PMIs are considered to be leading indicators and could signal a shift in the economic cycle. Stronger-than-expected prints usually have a positive impact on the USD. In addition to the headline PMI, the Employment Index and the Prices Paid Index numbers are watched closely as they shine a light on the labour market and inflation.
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