Forexpros – Manufacturing activity in the Chicago area increased more-than-expected in February, rising to the highest level since April of last year, industry data showed on Wednesday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index rose by 3.8 points to a seasonally adjusted 64.0 in February from a reading of 60.2 in January.
Analysts had expected the index to rise by 1.6 points to 61.8 in February.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The New Orders Index rose to 69.2, the highest since March 2011, while the Employment Index increased to 64.2 from 54.7 in January.
Following the release of the data, the U.S. dollar turned modestly lower against the euro, with EUR/USD easing up 0.05% to trade at 1.3465.
Meanwhile, U.S. equity markets were up after the open. The Dow Jones Industrial Average added 0.25%, the S&P 500 index advanced 0.35%, while the Nasdaq Composite index rose 0.3%.
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