Forexpros – Manufacturing activity in the Chicago area rose more-than-expected in November, climbing to the highest level since April, industry data showed on Wednesday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index rose by 4.2 points to a seasonally adjusted 62.6 in November from a reading of 58.4 in October.
Analysts had expected the index to ease up by 0.2 points to 58.6 in November.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The Business Barometer Index marked a 26th month of expansion in November, while the New Orders Index expanded to an 8-month high and the Production Index climbed to a 7-month high.
The report also showed that the Prices Paid Index expanded at the slowest rate in 14-months.
Following the release of the data, the U.S. dollar held on to sharp losses against the euro, with EUR/USD surging 1.22% to trade at 1.3478.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 3.3%, the S&P 500 index soared 3.25%, while the Nasdaq Composite index added 2.85%.
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