US: ISM Non-Manufacturing PMI improves to 56.4 in August vs. 54 expected
|- ISM's Non-Manufacturing PMI surprises to the upside in August.
- US Dollar Index starts moving away from weekly lows.
The Institue for Supply Management's (ISM) Non-Manufacturing Report on Business today revealed that the economic activity in the US service sector grew at a stronger pace than expected in August with the headline PMI improving to 56.4 in August from 53.7 in July and beating the market expectation of 54.
The upbeat reading helped the Greenback find demand and the US Dollar Index (DXY) rebounded from the weekly low that it set at 98.09 earlier in the hour. As of writing, the DXY was still down 0.2% on the day at 98.20.
"The non-manufacturing sector’s rate of growth rebounded after two consecutive months of cooling off. The respondents remain concerned about tariffs and geopolitical uncertainty; however, they are mostly positive about business conditions,” the ISM noted in its publication.
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