US: ISM Services PMI declines to 60.1 in June vs. 63.5 expected
|- 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."
Market reaction
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.