Positive Growth in U.S. Services Sector

Data released today, Friday, by S&P Global's Statistics Office revealed that the preliminary reading of the U.S. manufacturing Purchasing Managers' Index (PMI) aligned with market expectations, registering 48.8 points for November. This matched the forecasted 48.8 points and marked a slight improvement over the previous reading of 48.5 points in October.

In contrast, the PMI for the services sector showed stronger performance, recording growth to 57.0 points in November, surpassing the forecast of 55.2 points and exceeding the previous month's reading of 55.0 points.

The markets are closely monitoring this data as it offers key insights into the health of the U.S. economy, with direct implications for the movement of the U.S. dollar against other currencies.

It is important to note that a PMI reading above 50 signals growth in economic activity within the manufacturing and services sectors, while a reading below 50 indicates a contraction. Typically, two readings are released for this index: the preliminary estimates, which carry the most significant impact, and the final reading, issued later.