BREAKING: USD drops after mixed US PMIs

US PMI indices for September were released today at 2:45 pm BST. Report was watched closely as it was a flash release and European PMIs released earlier today were inconclusive. Market expected a small uptick in manufacturing and services indices with the former staying below the 50 points threshold and the latter remaining above.

Actual report showed a bigger-than-expected improvement in manufacturing index and an unexpected drop in services reading. Nevertheless, key takeaway is unchanged - manufacturing remains in recession while services continue to expand.

US, PMI indices for September

Manufacturing: 48.9 vs 48.0 expected (47.9 previously)
Services: 50.2 vs 50.6 expected (50.5 previously)
Composite: 50.1 vs 50.4 expected (50.2 previously)

USD weakened following the release with EURUSD moving around 0.1% in the first minutes following the release. Indices barely saw any reaction.

Source: xStation5

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