US S&P Global Manufacturing PMI edges higher to 50 in October, Services PMI improves to 50.9
- US S&P Global Composite PMI improved to 51 in October's flash estimate.
- US Dollar Index clings to strong daily gains above 106.00.
The economic activity in the US private sector continued to expand at a modest pace in early October, with S&P Global Composite PMI rising to 51 from 50.2 in September.
The Manufacturing PMI edged higher to 50 from 49.8 in the same period, while the Services PMI rose to 50.9 from 50.1. Both of these readings came in higher than analysts' estimates.
Assessing the survey's findings, “hopes of a soft landing for the US economy will be encouraged by the improved situation seen in October," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said.
"Future output expectations have also turned up despite rising geopolitical concerns and domestic political tensions, climbing to the joint-highest for nearly one-and-a-half years," Williamson added.
Market reaction
The US Dollar preserves its strength after this report. As of writing, the US Dollar Index was up 0.55% on the day at 106.17.