- Business activity in the service sector expands at a softer rate than expected.
- US Dollar Index lost its traction after the disappointing data.
The Institue for Supply Management (ISM) in its latest Non-Manufacturing Purchasing Managers’ Index (PMI) dropped to 52.6 in September from 56.4 in August and fell short of the market expectation of 55.
With the initial market reaction, the Greenback came under strong selling pressure. As of writing, the US Dollar Index was down 0.3% on the day at 98.72.
“The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy,” the ISM’s publication read.
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