US Markit Services PMI fell to 39.8 in March from 49.4 in February. US Dollar Index continues to cling strong daily gains above 100.50. The IHS Markit’s Services PMI for the US fell to 39.8 (final) in March from 49.4 in February to show that the economic activity in the service sector contracted sharply. However, this reading came in better than the previous estimate and the market expectation of 39.1. Further details of the report revealed that the Composite PMI fell to 40.9 in March from 49.6. Commenting on the report, “the survey indicates that the economy contracted an annualised rate approaching 5% in March, but with more measures to fight the virus outbreak being taken this decline will likely be eclipsed by what we see in the second quarter,” said Chris Williamson, Chief Business Economist at IHS Markit. “More nonessential businesses are being forced to close, some are going bust, and lockdowns are leading to vastly reduced consumer spending.” Market reaction The US Dollar Index largely ignored this data and was last see adding 0.65% on the day at 100.75. 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 Breaking: ISM Non-Manufacturing PMI drops to 52.5 in March vs. 44 expected FX Street 2 years US Markit Services PMI fell to 39.8 in March from 49.4 in February. US Dollar Index continues to cling strong daily gains above 100.50. The IHS Markit's Services PMI for the US fell to 39.8 (final) in March from 49.4 in February to show that the economic activity in the service sector contracted sharply. However, this reading came in better than the previous estimate and the market expectation of 39.1. Further details of the report revealed that the Composite PMI fell to 40.9 in March from 49.6. Commenting on the report, "the survey indicates that the economy contracted an annualised… 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.
