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  • Markit Services PMI in US continued to rise in October.
  • US Dollar Index stays in the positive territory above 93.60.

The IHS Markit’s Services Purchasing Managers’ Index (PMI) for the US improved to 56.9 in October from 56 in September and showed that the economic activity in the service sector continued to expand at a robust pace. This reading beat the previous estimate and the market expectation of 55.5.

Further details of the publication revealed that the Composite PMI climbed to 56.3 from 55.5.

Commenting on the data, “growth of business activity accelerated markedly in October, indicating that the underlying health of the US economy continued to recover at the start of the fourth quarter,” said Chris Williamson, Chief Business Economist at IHS Markit. “While fourth-quarter GDP will invariably fail to match the strong rebound seen in the third quarter, the economy looks to be continuing to grow at an above-trend rate. 

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.34% on a daily basis at 93.65.