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US services slowed by 1.3 percentage point from its fastest pace since 2007 as measured by ISM non-manufacturing PMI.
ISM non-manufacturing PMI dropped to 59 in July, from 60.3 in July.
Though the drop is only marginal, historically speaking US services PMI has reversed gear reaching this level; so naturally market participants and economists will be eager to see whether the trend changes this time or not.
Key highlights -
- Business activity index decreased by 1% to 63.9 in August.
- New orders index, dropped by 0.4% points to 63.4% in August.
- Employment index dropped 3.6% to 56, this might pose concern for FED.
According to respondents -
- US outlook for services for rest of the year remains favorable as overall business in increasing.
- Businesses remain positive over volume, new orders and exports.
Dollar is however performing strong, shrugging off weaker services report and that is courtesy to Mr. Draghi, who slashed growth and inflation expectation in today's monetary policy meeting, raising hopes for further stimulus.
Dollar index is currently trading at 96.3, up 0.34% today so far.
