The IHS Markit’s latest report showed that the business activity in the service sector expanded at a more robust pace than expected with the headline Services PMI rising to 51.5 in June from 50.6 in May and beating the market expectation of 50.6.
The US Dollar Index didn’t react to the data as investors are waiting for the ISM’s Non-Manufacturing PMI. At the moment, the DXY is down 0.02% on the day at 96.72.
“An improvement in service sector growth provides little cause for cheer, as the survey data still indicate a sharp slowing in the pace of economic growth in the second quarter. The PMI data for manufacturing and services collectively point to GDP expanding at an annualised rate of 1.5%,” Chris Williamson, Chief Business Economist at the IHS Markit said.
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