- Unexpected uptick in the services sector ISM in July.
- The dollar rises after the ISM report throughout the market.
- The S&P Global Services PMI was revised higher.
Service sector data for July was better than expected, especially the ISM data, which boosted the dollar in the market. The ISM service index it went from 55.3 to 56.7, and a fall from 55.3 to 53.5 was expected.
The price paid index it went from 80.1 to 72.3; the of job from 47.4 to 49.1 and that of new orders from 55.6 to 59.9.
Prior to this report, the final reading of the S&P Global services PMI was released, which showed a sharp drop in July, even below 50.0, marking a contraction. On the positive side, the final reading was 47.3, revised from 47.0.
The dollar rose in the market after the data marked a maximum on almost all fronts. USD/JPY broke above 134.00, while EUR/USD dipped below 1.0140. The official employment report for July will be published on Friday.
Source: Fx Street
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