The US Services Purchasing Managers’ Index (PMI) surpassed its previous level!Deltafx Admin 30 January 2023
The services PMI is published monthly by Markit Economics. These data are based on a survey of more than 400 executives in private sector service firms. These surveys cover the sectors of transportation and communications, financial intermediaries, business and personal services, data processing and information technology, and hotels and restaurants.
An index value of 50 indicates no change from the previous month, while a value above 50 is a sign of improving economic conditions and a value below 50 indicates unfavorable economic conditions.
The release of a value that is higher than expected is considered positive (bullish) for the U.S. dollar, while the report of a value that is lower than expected is considered negative (bearish) for the U.S. dollar.
The preliminary estimate of the U.S. Purchasing Managers’ Index for the services sector was released at 2:45 p.m. on January 24 and came in at 46.6, while the expected value was 45.3. In the previous period, the index had been 44.7 units.
After the release of this index, which was higher than expected, the dollar rose against other major currencies.