The US services sector slowed slightly in September — the ISM Services Index fell to 54.9 points from 55.4 points previously and the expected 55.0 points, indicating that expansion remains solid, albeit somewhat weaker. A positive surprise came from the employment sub-index, which returned above the 50-point mark (50.1 points from 47.8 points), signalling a recovery in labour demand. On the other hand, new orders fell to 59.8 points, whilst price pressure remains high — the prices paid sub-index rose to 74 points, keeping inflation concerns alive. Despite persistent price pressures, the overall picture of a slightly cooler economic climate limits the scope for hawkish rhetoric from the Fed. In response, the euro is gaining slightly against the dollar, as the market is pricing in a lower risk of a more restrictive stance from the US Federal Reserve.
Source: XTB
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