U.S. ISM non-manufacturing index likely to have dropped slightly in November

U.S. ISM non-manufacturing index had risen in October to 60.1 from September’s reading of 59.8. Better current activity and employment lifted the index. Many respondents recorded greater activity related to hurricane recovery attempts. The more forward-looking new orders component had pointed toward continued strong growth at 62.8, only a bit below the September’s reading of 63.

“Looking ahead to November’s reading, we expect the index to pull back slightly to 59.7 as some of the hurricane effects begin to subside”, noted Wells Fargo in a research report.

Service sector is expected to have lead growth in employment as the year progresses. The continued strength in the service sector is also expected to continue to be the main driver of economic activity going forward and underpin forecast for 2.1 percent GDP growth in the fourth quarter of 2017, added Wells Fargo.

At 21:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 9.14477. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest