News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar Rises on Upbeat Services PMI

US Dollar Rises on Upbeat Services PMI

Thomas Westwater, Analyst

ISM Services Talking Points:

  • ISM Services Crosses the wires at 57.3
  • Coronavirus concerning for supply chains
  • New orders and employment continue to improve

ISM Services PMI crossed the wires this morning at 57.3, beating expectations of 54.8. The strong figure sent the US Dollar higher in morning trading as the reported showed the services sector in the US economy remains strong. New orders and employment both contributed strong gains to the index, coming in at 63.1 and 55.6, respectively. Supplier deliveries increased, but some participants note that suppliers are having trouble pacing with the increased demand.

US Dollar Basket (1-Min Chart)

US Dollar Basket

Fears of the coronavirus were reflected in the report with survey participants noting increased lead times for materials due to the virus spread. Business activity printed 57.8 for February, indicating growth, although it is slower than the pace from the month before. Supplier deliveries increased, but some participants note that suppliers are having trouble pacing with the increased demand.

ISM Services PMI

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES