Investing.com - U.S. manufacturing activity expanded at the fastest rate since May 2010 in June, fuelling optimism over the strength of the economy, preliminary data showed on Monday.
In a report, market research group Markit said that its preliminary U.S. manufacturing purchasing managers' index rose to a seasonally adjusted 57.5 this month from a final reading of 56.4 in May. Analysts had expected the index to ease down to 56.1 in June.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that "The survey data suggest that GDP should be set to rise by at least 3.0% after the 1.0% decline in the first quarter."
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.1% to trade at 1.3587, compared to 1.3593 ahead of the data.
Meanwhile, U.S. stock markets were mixed after the open. The Dow declined 0.25%, the S&P 500 dipped 0.1%, while the Nasdaq 100 tacked on 0.1%.
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Origingal headline: U.S. manufacturing PMI rises to 4-year high of 57.5 in June
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