US S&P Global Manufacturing PMI edges higher to 50 in October, Services PMI improves to 50.9

US S&P Global Composite PMI improved to 51 in October's flash estimate.
US Dollar Index clings to strong daily gains above 106.00.

Eren Sengezer FXStreet

The economic activity in the US private sector continued to expand at a modest pace in early October, with S&P Global Composite PMI rising to 51 from 50.2 in September.

The Manufacturing PMI edged higher to 50 from 49.8 in the same period, while the Services PMI rose to 50.9 from 50.1. Both of these readings came in higher than analysts' estimates.

Assessing the survey's findings, “hopes of a soft landing for the US economy will be encouraged by the improved situation seen in October," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said.

"Future output expectations have also turned up despite rising geopolitical concerns and domestic political tensions, climbing to the joint-highest for nearly one-and-a-half years," Williamson added.

Market reaction

The US Dollar preserves its strength after this report. As of writing, the US Dollar Index was up 0.55% on the day at 106.17.

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.