U.S. ISM non-manufacturing index likely to have risen in August – Wells Fargo

The U.S. ISM non-manufacturing index is expected to have risen in August. In the prior month, the index had fallen 3.5 points to 53.9 as service sector activity had retreated to the lowest point in nearly one year. Details of the previous month’s report were not encouraging, as the biggest decline was in the new orders index that fell by 5.4 points to 55.1. The deceleration in business activity was notable in July, as it was caused by a larger share of companies reporting declining activity.

According to a Wells Fargo research report, the ISM non-manufacturing index is expected to have rebounded in August. The index is likely to have risen to 55.3. Consensus expectations is for the index to have risen to 55.4.

“We expect all the underlying components of the index to remain above the 50 demarcation line as the incoming data point to continued expansion in the index”, added Wells Fargo.

At 22:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 51.892. 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