- ISM services index falls to 54.4 vs. 55.5 expected.
- S&P Global Services PMI revised higher from 46.6 to 47.3.
- The dollar loses momentum after the data.
The ISM service sector index posted a drop in October from 56.7 to 54.4, which was below expectations of 55.5. The price paid index had a rise from 68.7 to 70.7, while that of job it fell from 53 to 49.1, below the expected 51.6. The new order rate it fell from 60.6 to 56.5. All the indices registered lower than expected readings.
It had previously been known final reading of the S&P Global PMI integrated which showed a drop in October from 49.5 to 48.2, which turned out to be better than the previous estimate of 47.3. The service index was revised higher from 46.6 in the preliminary reading to 47.3.
The dollar lost momentum after the data, but was still in positive territory for the day, with a strong boost after the Fed’s monetary policy meeting. On Friday in the US, the official employment report for October will be published, which includes non-farm payrolls and the unemployment rate.
Source: Fx Street