Investing.com - Manufacturing activity in the Chicago-area contracted at the fastest pace in three months in May, dampening optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index declined by 1.1 points to a seasonally adjusted 49.3 this month from a reading of 50.4 in April. Analysts had expected the index to rise 0.5 points to 50.9 in May.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
EUR/USD was trading at 1.1166 from around 1.1164 ahead of the release of the data, GBP/USD was at 1.4636 from 1.4634 earlier, while USD/JPY was at 111.15 from 111.17 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.55, compared to 95.56 ahead of the report.
Meanwhile, U.S. stock markets were modestly higher after the open. The blue-chip Dow rose 0.02%, the S&P 500 tacked on 0.13%, while the tech-heavy Nasdaq 100 advanced 0.19%.
Elsewhere, in the commodities market, gold futures traded at $1,214.75 a troy ounce, compared to $1,213.35 ahead of the data, while crude oil traded at $49.86 a barrel from $49.83 earlier.