The Institute for Supply Management commented: “The increase in the composite index in July is a result of an average increase of 5 percentrage points for the Business Activity, New Orders, and Employment indexes, offset by the 4.6-point drop in the Supplier Deliveries Index.”
Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report. The report showed that S&P Global Services PMI declined from 54.8 in June to 54.3 in July, compared to analyst consensus of 55.
U.S. Dollar Index made an attempt to climb back above the 102.60 level as traders reacted to the better-than-expected ISM Services PMI report. It remains to be seen whether it will provide sufficient support to the American currency during global market panic.
Gold remains under pressure as traders sell most assets to raise money during…
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