020 7898 0500There was more positive US economic data yesterday, as the ISM non-manufacturing PMI index came in at 59.5 in February 2018, when 59 had been forecast. The dollar traded sideways against the euro, but weakened against sterling following positive services PMI data from the UK.
Composite PMI came in at 55.8 when 55. 9 had been expected, but this was an increase from 53.8 the previous month. Services PMI was as expected at 55.9, while non-manufacturing orders came in at an impressive 64.8. All in all, a pretty good start to the week for US economic data, but the proposed tariffs on steel and aluminium imports still hangs heavy in the air.
It is a fairly quiet day today, but we will see the factory orders for January which are expected to fall sharply, from a 1.7% growth in December to -1.3%.
