- The ISM services PMI increased to 50.8 in June, exceeding consensus.
- The US dollar maintains its upward posture near the weekly maximums.
Economic activity in the US services sector accelerated slightly in June, with the ISM services PMI rising to 50.8 from 49.9 in May, above the expectations of analysts of 50.5.
In addition, the survey results found that the paid price index – a crucial barometer of inflation – reduced to 67.5 from 68.7, while the employment rate decreased to 47.2 from 50.7, indicating a modest cooling in the conditions of the labor market in the service sector. Finally, the New Order Index improved 51.3 from 46.4.
Market reaction
The US dollar gives some profits after publication, since investors continue to digest the strongest employment data than expected. That said, the American dollar index (DXY) adds to Wednesday’s profits around the 97.00 area, keeping the weekly recovery well.
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.
