BREAKING: EURUSD lower after better than expected US Flash PMI report 📌

02:45 PM BST, United States - PMI Data for October:

• S&P Global Services PMI: actual 55.3; forecast 55; previous 55.2;
• S&P Global Composite PMI: actual 54.3; forecast 53.8; previous 54;
• S&P Global US Manufacturing PMI: actual 47.8; forecast 47.5; previous 47.3;

In October, US business activity maintained robust growth, with the S&P Global Flash Composite PMI rising to 54.3 from September's 54.0, indicating continued expansion in overall private sector output. The data exceeded market expectations of 53.8, marking sustained growth in business activity.

The Services sector remained a key driver of growth, with the Flash Services Business Activity Index climbing to 55.3, slightly up from September's 55.2, beating the forecast of 55.0. However, the manufacturing sector continued to face challenges, with the Flash Manufacturing PMI at 47.8 - remaining in contractionary territory despite a modest improvement from September's 47.3.

While both the Services and Composite indices maintained readings above the crucial 50-point mark indicating expansion, the manufacturing sector's persistent sub-50 reading highlights the ongoing divergence in sectoral performance. The manufacturing sector, though showing a slight improvement with its better-than-expected reading of 47.8 versus the forecast of 47.5, continues to signal contraction.