BREAKING: US services ISM reading marginally higher than expectations!

US ISM for services for september:

• Employment Actual 53.4 (Forecast -, Previous 54.7)
• Prices Paid Actual 58.9 (Forecast -, Previous 58.9)
• New Orders Actual 51.8 (Forecast -, Previous 57.5)
• PMI Actual 53.6 (Forecast 53.5, Previous 54.5)

The Services PMI for September, at 53.6%, marks the ninth consecutive month of expansion in the services sector, with growth in 39 of the last 40 months, except for a contraction in December 2022. While it dipped 0.9% points from August's reading of 54.5%, the Business Activity Index increased to 58.8%, and the Supplier Deliveries Index moved into expansion territory for the first time since November 2022. The Prices Index held steady at 58.9%. Thirteen industries reported growth in September, indicating sustained sector growth, although there was a slight pullback in the rate of growth attributed to slower New Orders and Employment indexes.

EURUSD ticks lower after the publication. The continued strength of the US services sector confirms that the US economy remains robust, further supported by yesterday's high JOLTS data.

Source: xStation 5