- US S&P Global Services PMI fell more than expected in early November.
- US Dollar struggles to find demand following the disappointing PMI surveys.
The business activity in the US service sector continued to contract at an accelerating pace in early November with the S&P Global Services PMI dropping to 46.1 from 47.8 in October. This print missed the market expectation of 47.9.
"In line with weak demand, new business fell at a solid pace in November," S&P Global elaborated. "The second successive monthly decrease in new orders was the sharpest seen since May 2020."
"On the price front, input costs rose at a slower pace midway through the fourth quarter," the publication further read. "The increase in cost burdens was the softest in almost two years, as firms noted lower prices for some key inputs."
Market reaction
The US Dollar stays under heavy selling pressure after this data and the US Dollar Index was last seen losing 0.6% on the day at 106.52.
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.
Recommended content
Editors’ Picks
Gold remains within striking distance of new record-high above $3,300
Gold clings to strong daily gains above $3,300 after setting a new all-time peak near $3,320 earlier in the day. Continued concerns over the escalating US-China trade tensions and a weakening Greenback, support the demand for the metal prior to Powell's speech.
EUR/USD remains consolidative around 1.1350 on firmer US Retail Sales
EUR/USD maintains its daily gains around the 1.1350 region on the back of the resumption of the bearish tone in the Greenback, which showed no reaction to the stronger-than-expected Retail Sales in March. Later in the day, investors are expected to closely follow Fed Chairman Powell’s comments on the economic outlook.
GBP/USD recedes from tops and revisits the 1.3250 zone
GBP/USD extends its positive streak on Wednesday, now coming under some selling pressure around the 1.3250 after earlier multi-month tops around the 1.3300 mark. The daily uptick comes on the back of the weaker US Dollar and easing inflationary pressure in the UK.
Bitcoin stabilizes around $83,000 as China opens trade talks with President Trump’s administration
Bitcoin price stabilizes around $83,500 on Wednesday after facing multiple rejections around the 200-day EMA. Bloomberg reports that China is open to trade talks with President Trump’s administration.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.