Breaking: US S&P Global Composite PMI came in at 58.4 in September
US business activity is predicted to have gained momentum in September, according to the flash reading of the S&P Global Composite PMI, which ticked up to 58.4 from 56.0 in August. The index, where any reading above 50 indicates expansion, points to a private sector that continues to be gathering further traction.
The details paint an auspicious picture after Manufacturing is expected to climb to 57.0 from 53.9, signalling a marked pickup of momentum in the sector, and Services is seen to be improving to 58.7 from 54.6, suggesting demand there is also strengthening.
Following the news release, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence argued: “US business continues to boom, with output growing at the fastest rate for over five years in September. Historical comparisons suggest that the latest survey data point to annualized growth of around 5% with a 4% gain now signalled for the third quarter as a whole.”
Market reaction
The Greenback keeps its march north unabated, trading in fresh two-month tops in the wake of the release. When tracked by the US Dollar Index (DXY), it is currently challenging its key 101.00 barrier.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.49% | 0.68% | 0.47% | 0.20% | 1.03% | 0.99% | 0.48% | |
| EUR | -0.49% | 0.17% | 0.02% | -0.28% | 0.54% | 0.48% | -0.01% | |
| GBP | -0.68% | -0.17% | -0.15% | -0.46% | 0.35% | 0.31% | -0.11% | |
| JPY | -0.47% | -0.02% | 0.15% | -0.28% | 0.52% | 0.50% | 0.06% | |
| CAD | -0.20% | 0.28% | 0.46% | 0.28% | 0.81% | 0.79% | 0.34% | |
| AUD | -1.03% | -0.54% | -0.35% | -0.52% | -0.81% | -0.04% | -0.46% | |
| NZD | -0.99% | -0.48% | -0.31% | -0.50% | -0.79% | 0.04% | -0.43% | |
| CHF | -0.48% | 0.00% | 0.11% | -0.06% | -0.34% | 0.46% | 0.43% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
This section below was published as a preview of the US S&P Global PMI data at 12:15 GMT.
- The S&P Global flash PMIs for September are seen cooling a tad.
- Markets expect the Federal Reserve to maintain its cautious bias.
- EUR/USD appears subdued well south of the 1.1500 yardstick.
S&P Global will release on Wednesday its preliminary September Purchasing Managers' Indices (PMIs) for the United States, based on surveys of top private sector executives, to provide an early indication of economic momentum. The data is expected to highlight US economic resilience.
The report includes three measures: the Manufacturing PMI, the Services PMI, and the Composite PMI (a weighted combination of the two), each calibrated such that numbers above 50 indicate growth and readings below that threshold indicate contraction.
These monthly snapshots, released far ahead of many official figures, analyse everything from production and export patterns to capacity utilisation, employment, and inventory levels, offering some of the earliest signs of the economy's direction.
What can we expect from the next S&P Global PMI report?
Investors anticipate some easing in September’s flash Manufacturing PMI from 53.9 to 53.5, while the Services PMI is projected to ease from 56.5 to 56.
Although a minor decline may not scare markets, US business activity remains well in expansion territory, lending further support to the ongoing view of US ‘exceptionalism’.
A significant upside surprise in both prints would likely bolster the US Dollar by confirming the idea of a healthy economy, hence reinforcing the Fed's cautious (hawkish?) stance.
When will the September flash US S&P Global PMIs be released, and how could they affect EUR/USD?
The S&P Global Manufacturing, Services, and Composite PMIs report will be released at 13:45 GMT on Wednesday.
Ahead of the release, Pablo Piovano, Senior Analyst at FXStreet, warns that further losses in EUR/USD should not be ruled out in the current context, particularly following the break below the critical 200-day SMA above 1.1620.
If bulls manage to somehow regain the upper hand, the provisional 55-day and 100-day SMAs at 1.1526 and 1.1542, respectively, are expected to offer initial resistance prior to the more relevant 200-day SMA. Once the pair clears the latter, the next target emerges at the August top at 1.1711 (August 21).
Alternatively, Piovano notes that the continuation of the selling pressure should meet initial support at the monthly floor of 1.1353 (July 28), prior to the 2026 bottom at 1.1324 (June 24).
“Momentum indicators also favour extra declines as the Relative Strength Index (RSI) approaches the 31 level and the Average Directional Index (ADX) near 29 is indicative of a forceful trend,” Piovano adds.
Economic Indicator
S&P Global Composite PMI
The S&P Global Composite Purchasing Managers Index (PMI), released on a monthly basis, is a leading indicator gauging US private-business activity in the manufacturing and services sector. The data is derived from surveys to senior executives. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends 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 signaling no change over the previous month. A reading above 50 indicates that the private economy is generally expanding, a bullish sign for the US Dollar (USD). Meanwhile, a reading below 50 signals that activity is generally declining, which is seen as bearish for USD.
Read more.Next release: Wed Sep 23, 2026 13:45 (Prel)
Frequency: Monthly
Consensus: -
Previous: 56
Source: S&P Global
Inflation FAQs
Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.
The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.
Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.
Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.
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