- The S&P Global manufacturing and services PMI indices were above 50 in early March.
- The DXY Dollar Index remains in positive territory above 103.50.
Business activity in the US private sector continued to grow apace in early March, with a S&P Global composite PMI that stood at 52.2 points. This reading was slightly below February's 52.5.
He S&P Global manufacturing PMI improved to 52.5 from 52.2 in the same period, while S&P Global services PMI fell to 51.7 from 52.3.
According to Chris Williamson, Chief Economist at S&P Global Market Intelligence, “The further expansion of production in both the manufacturing and services sectors in March helped close the strongest quarter for the US economy since the second quarter of last year“.
“Survey data points to another quarter of strong GDP growth, accompanied by sustained hiring, as businesses continue to report growth in new orders,” Williamson added. “A sharp rise in costs, combined with strengthening pricing power amid the recent rebound in demand, meant inflationary pressures gathered pace again in March.”
Market reaction
The US dollar continued to gain strength following the PMI data. The DXY Dollar Index is up 0.35% on the day and stands at 103.72 at the time of writing.
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.
