Stronger US service sector data firms dollar

The dollar received an added boost on Wednesday after data showed the service sector activity in the US accelerated in November. According to the Institute for Supply Management, the ISM non-manufacturing purchasing managers’ index (PMI), the reading came in a 59.3 from 57.1 in October. This was above expectations for the reading to come in at 57.5.

Wednesday’s report showed that the new orders sub-index rose to 61.4, up from 59.1 in October, while the employment index fell to 56.7 against 59.6.

The ISM survey indicates the non-manufacturing sector is gaining momentum in the fourth quarter. “Comments from the majority of respondents indicate that business conditions are on track for continued growth,” the report said.

The ISM’s new orders index rose to 61.4 in November from 59.1 in October. The ISM business activity/production index jumped to 64.4 from 60.0. Both levels are the highest since August.

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