US Manufacturing PMI decreased to 59.20 in October from 60.7 in September, below analysts’ expectations of 60.3. Still the reading pointed to the continuing expansion in factory activity since February.
US Services PMI rose to 58.2 in October from 54.9 in the previous month, above market consensus of 55.1.
October saw resurgent service sector activity as COVID-19 case numbers continued to fall, marking an encouragingly strong start to the fourth quarter for the economy. Hiring has likewise picked up as firms have been encouraged to expand capacity to meet rising demand. "However, while manufacturers also continue to report strong demand, factory production remains plagued by constraints, including record supply chain bottlenecks and labor shortages. Prices paid by factories for raw materials rose at yet another new record pace as a result, in turn feeding through to both higher prices at the factory gate and spilling over into higher service sector prices. Higher wages are also having to be offered to attract or retain staff, adding to the inflationary pressures. "Thus, while the economy looks set for stronger growth in the fourth quarter, the upward rise in inflationary pressures also shows no signs of abating", said IHS Markit chief economist Chris Williamson
EURUSD saw a relatively small reaction to today’s data releases. The most popular currency pair continued to trade around 1.1640 level. Source: xStation5
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