(Reuters) - The manufacturing report also included the highest reading of prices paid by factory managers since August 2006, reinforcing the view the Federal Reserve may keep rates steady this year, and it offset revised data released earlier in the day showing weaker U.S. growth in the first quarter.
"The prices paid index is very high and support the Fed's view that inflation remains a top concern, and at these levels it may be enough to keep pushing back expectations for a rate cut this year," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "But now the focus is shifting to the payrolls report tomorrow. We are not likely to see a sharp move on the dollar before the jobs data."
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"The prices paid index is very high and support the Fed's view that inflation remains a top concern, and at these levels it may be enough to keep pushing back expectations for a rate cut this year," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "But now the focus is shifting to the payrolls report tomorrow. We are not likely to see a sharp move on the dollar before the jobs data."
Read more at Reuters.com Hot Stocks News
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