- US ISM Services PMI edged modestly lower in June.
- US Dollar Index stays in the positive territory near 92.40.
The economic activity in the US service sector continued to expand in June, albeit at a softer pace than it did in May, with the Institute for Supply Management (ISM) Services PMI declining to 60.1 from 64. This reading missed the market expectation of 63.5.
Further details of the publication revealed that the Prices Paid Index edged lower to 79.5 from 80.6, the Employment Index declined to 49.3 from 55.3. Finally, the New Orders Index fell to 62.1 from 63.9.
Commenting on the data, "the rate of expansion in the services sector remains strong, despite the slight pullback in the rate of growth from the previous month's all-time high," said Anthony Nieves, Chair of the ISM Services Business Survey Committee. "Challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions."
This report doesn't seem to be having a significant impact on the greenback's performance against its major rivals. As of writing, the US Dollar Index was up 0.2% on the day at 92.41.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.