Data released on Wednesday showed the ISM Non-manufacturing rose to the highest level in a year to 57.3 in February. According to analysts at Wells Fargo, the data shows that economic activity was strong before concerns about COVID-19 intensified. They warn March numbers won’t be as good as February. Key Quotes: “The ISM non-manufacturing index bucked expectations for a modest pullback in February, instead jumping 1.8 points to 57.3. The pickup mirrored the increase in regional service-sector surveys conducted by a number of Federal Reserve Banks, but has now diverged sharply from the Markit Services PMI, which fell to more than a six-year low in February.” “The ISM non-manufacturing corollary to the Markit headline and one component of the composite index, the business activity index, fell more than three points in February, but remained firmly in expansion territory at 57.8. Driving the ISM non-manufacturing index higher over the month was a surge in new orders (up nearly seven points to a 20-month high of 63.1) and a pickup in hiring activity. The forward looking nature of both those components suggests that broad economic activity at least had some momentum heading into March and the recent bout of volatility in financial markets.” “Concerns about sourcing due to the coronavirus were still evident in the survey, although skewed toward the goods sector or industries most directly in the crosshairs of the outbreak (…) We still expect to see some more discernable effects of the economic costs of trying to contain the coronavirus, however, in the next few months.” “We will be watching the ISM non-manufacturing index closely for signs that the economic impact of the virus has extended beyond a supply shock to demand.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD advances to fresh daily highs near 1.2850 FX Street 3 years Data released on Wednesday showed the ISM Non-manufacturing rose to the highest level in a year to 57.3 in February. According to analysts at Wells Fargo, the data shows that economic activity was strong before concerns about COVID-19 intensified. They warn March numbers won’t be as good as February. Key Quotes: “The ISM non-manufacturing index bucked expectations for a modest pullback in February, instead jumping 1.8 points to 57.3. The pickup mirrored the increase in regional service-sector surveys conducted by a number of Federal Reserve Banks, but has now diverged sharply from the Markit Services PMI, which fell to more… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.