In June, the US services sector experienced a slowdown, with the ISM Services PMI dropping to 54.0 from 54.5 the month before, aligning with analysts’ predictions.
The survey also revealed that the index for prices paid, a key inflation indicator, decreased from 71.3 to 67.7. On a positive note, the employment index increased from 47.9 to 51.2, suggesting a slight uptick in labor market conditions within the service sector. Meanwhile, the new orders index fell from 57.3 to 55.1.
Market Reaction
The US dollar began the week on a strong footing, pushing the US Dollar Index (DXY) above the 101.00 mark.
