He US S&P Global Composite PMI Index improved to 54.4 in May's flash estimate, up from 51.3, indicating that U.S. private sector business activity continued to grow at a faster pace than in April.
For its part, the S&P global manufacturing PMI rose to 50.9 from 50.0 in the same period, a sign of an expansion in the manufacturing sector. Meanwhile, the S&P Global manufacturing PMI rose to 54.8 from 51.3.
In the news release: “Growth in U.S. business activity accelerated sharply in May to its fastest pace in just over two years, according to interim S&P Global PMI survey data, a sign of an improvement in economic results in the middle of the second quarter. The services sector led the rebound, recording the largest increase in production in a year, but manufacturing also showed greater growth.
Separately, Chris Williamson, Chief Economist at S&P Global Market Intelligence, stated: “The US economic recovery has accelerated again after two months of slower growth, and early PMI data points to faster expansion. in just over two years in May. These data put the US economy back on track for another strong GDP increase in the second quarter.”
Market reaction
The US Dollar Index (DXY) pared almost all of its earlier losses in the wake of the better-than-expected US S&P Global PMIs and re-targeted another possible visit to the 105.00 area on Thursday.
US Dollar Prices Today
The following table shows the percentage variation of the United States Dollar (USD) against the main currencies quoted today. The US Dollar was the strongest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | 0.06% | 0.17% | -0.08% | -0.10% | -0.20% | -0.10% | |
| EUR | 0.11% | 0.16% | 0.29% | 0.03% | 0.00% | -0.10% | 0.01% | |
| GBP | -0.06% | -0.16% | 0.14% | -0.15% | -0.17% | -0.26% | -0.15% | |
| JPY | -0.17% | -0.29% | -0.14% | -0.27% | -0.29% | -0.44% | -0.28% | |
| CAD | 0.08% | -0.03% | 0.15% | 0.27% | -0.02% | -0.11% | -0.03% | |
| AUD | 0.10% | -0.00% | 0.17% | 0.29% | 0.02% | -0.08% | -0.01% | |
| NZD | 0.20% | 0.10% | 0.26% | 0.44% | 0.11% | 0.08% | 0.10% | |
| CHF | 0.10% | -0.01% | 0.15% | 0.28% | 0.03% | 0.01% | -0.10% |
The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the US Dollar in the left column and scroll down the horizontal line to the Japanese Yen, the percentage change that appears in the box will represent USD (base)/JPY (quote).
economic indicator
S&P Global Composite PMI
The Global Composite Purchasing Managers Index (PMI) of Published monthly, S&P is a leading indicator of U.S. private business activity in the manufacturing and services sectors. The data comes from surveys carried out with senior executives. Each response is weighted based on the size of the company and its contribution to the total manufacturing or services production of the subsector to which it belongs. Survey responses reflect the change, if any, in the current month compared to the previous month and may anticipate trend changes in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 indicating that there have been no changes compared to the previous month. A reading above 50 indicates that the private economy is generally expanding, a bullish sign for the US Dollar (USD). Conversely, a reading below 50 indicates that activity is generally declining, which is considered bearish for the USD.
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.
