US ISM Manufacturing PMI Rises to 55.6 in July, Beating Forecasts

The Institute for Supply Management's Manufacturing PMI rose to 55.6 in July from 53.3 in June, above market forecasts of 54.0. The reading indicates a faster expansion in factory activity.

The index has now climbed for two consecutive months, with the July print marking the highest level in recent months. New orders and production components likely drove the gain.

Unexpectedly strong manufacturing data could bolster the U.S. dollar by reinforcing expectations that the Federal Reserve might keep interest rates elevated for longer.