United States S&P Global Services PMI misses estimates: US Dollar firms on risk aversion

Valeria Bednarik FXStreet

The final reading of the United States (US) S&P Global Services PMI came in at 50.7 in May, down from 50.9 previously and missing estimates of 50.9. Meanwhile, the Composite PMI was confirmed at 51.5 in the same month, slightly below the anticipated 51.7.

The US Dollar (USD) retains its risk-off strength following the news. The US Dollar Index (DXY) trades near a fresh weekly high of 99.50, advancing on fresh tensions in the Middle East. According to early news, Iran resumed attacks on regional neighbors, while the US responded with defensive strikes.

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 New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.26%	0.31%	0.00%	0.24%	0.53%	0.88%	0.39%
EUR	-0.26%		0.03%	-0.26%	-0.03%	0.27%	0.61%	0.13%
GBP	-0.31%	-0.03%		-0.28%	-0.09%	0.23%	0.57%	0.09%
JPY	0.00%	0.26%	0.28%		0.19%	0.50%	0.81%	0.36%
CAD	-0.24%	0.03%	0.09%	-0.19%		0.31%	0.65%	0.16%
AUD	-0.53%	-0.27%	-0.23%	-0.50%	-0.31%		0.34%	-0.16%
NZD	-0.88%	-0.61%	-0.57%	-0.81%	-0.65%	-0.34%		-0.47%
CHF	-0.39%	-0.13%	-0.09%	-0.36%	-0.16%	0.16%	0.47%

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).

US President Donald Trump aimed to cool down tensions by announcing that Tehran agreed not to have nuclear weapons, but risk-aversion persists: US indexes trade dip in the red, extending their losses with the dismal PMI readings, while crude oil prices maintain their positive momentum, with the barrel of West Texas Intermediate (WTI) trading at $93.

In the meantime, the DXY approaches May's high at 99.54, with a break above it hinting at a potential test of 100.

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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