US: ISM Services PMI falls to 56.5 in February versus 61.0 expected

Joel Frank Independent Analyst

The headline ISM Services PMI figure fell to 56.5 in February from 59.9 in January, well below the expected rise to 61.0, according to the latest release by the Institute for Supply Management.

Subindices:

Business Activity fell to 55.1 from 59.9 in January.
Prices Paid rose to 83.1 from 82.3.
New Orders fell to 56.1 from 61.7.
Employment fell to 48.5 from 52.3.

Market Reaction

The Dollar Index (DXY) was choppy in wake of the latest broadly downbeat ISM Services PMI survey but did not really see a lasting reaction in either direction and continues to trade well supported near multi-month highs in the 97.60 area. Geopolitics remains in focus and continues to underpin demand for safe-haven currencies like the US dollar.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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