The indicator The US Institute for Supply Management (ISM) services PMI rose 2.6 points in July to 51.4 from 48.8 in June, its best level in two months. The figure has improved market expectations, as an increase to 51 was expected.
He The employment component of the ISM has grown stronglyshowing a strengthening of employment in the services sector, as it has jumped five points to 51.1 from the previous 46.6. This is its highest level in ten months.
The prices paid indicator rose to 57 from 56.3, up from 55.8 previously, while the new orders index increased to 52.4 from 47.3.
Dollar reaction
The Dollar Index (DXY) has bounced off lows following the release. The greenback had earlier dipped to a seven-month low of 102.17, but the strong services sector data has triggered a rebound to 102.62.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
