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US ISM Services PMI ticks up to 54.1, dollar pressured

Prices Paid rose to 70.3 while the Employment Index fell to 47.4, a mix that keeps the US Dollar Index (DXY) below 100.

Reported · Written up by our desk · Major Pairs

Fresh data from the Institute for Supply Management showed the US services PMI edging up to 54.1 in July from 54 in June, but it missed the market expectation of 54.5.

FXStreet said the report pointed to a marginal pickup in services momentum, with the New Orders Index rising to 57.2 from 55.1. Inflation pressures also strengthened, as the Prices Paid Index increased to 70.3 from 67.7.

At the same time, hiring conditions remained soft, with the Employment Index dropping to 47.4 from 51.2. FXStreet added that the greenback was “well offered” midweek, keeping the US Dollar Index (DXY) under the psychological 100.0 level and extending its two-day downtrend.

The piece was positioned as a preview ahead of the July ISM Services PMI release, noting the consensus forecast for 54.5. FXStreet also highlighted that US inflation is still above the Federal Reserve’s 2% target, which can keep policymakers cautious.

Latest closeDollar index 99.88 ▼0.1%

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