US: ISM Non-Manufacturing PMI drops to 55.1 in June vs. 55.9 expected
- ISM Non-Manufacturing PMI falls short of analysts' estimate in June.
- Greenback weakens modestly on disappointing data, DXY stays in red.
The Institue for Supply Management on Wednesday announced that the Non-Manufacturing PMI in June fell to 55.1 from 56.9 in May and fell short of the market expectation of 55.9.
With the initial reaction, the US Dollar Index edged lower slightly and was last down 0.07% on the day at 96.67.
This is the index’s lowest reading since July 2017, when it registered 55.1 percent. The Non-Manufacturing Business Activity Index decreased to 58.2 percent, 3 percentage points lower than the May reading of 61.2 percent, reflecting growth for the 119th consecutive month," the ISM said in its press release.
"The New Orders Index registered 55.8 percent; 2.8 percentage points lower than the reading of 58.6 percent in May. The Employment Index decreased 3.1 percentage points in June to 55 percent from the May reading of 58.1 percent."
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
