- US S&P Global Composite PMI continued to decline in October.
- US Dollar Index clings to strong daily gains at around 113.00.
The business activity in the US private sector continued to contract at an accelerating pace in October with the S&P Global Composite PMI dropping to 48.2 from 49.5 in September. This reading came in slightly better than the flash estimate and market expectation of 47.3.
Meanwhile, S&P Global Services PMI fell to 47.8 from 49.3, compared to the advanced estimate of 46.6.
Commenting on the survey, "private sector firms sought to boost demand through a slower increase in selling prices," noted Siân Jones, Senior Economist at S&P Global Market Intelligence. "Although softening, further elevated rises in prices paid by consumers present obstacles to firms in an already challenging demand environment and paint a concerning picture as we head towards the end of the year."
Market reaction
US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.75% on the day at 112.95.
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