S&P Global Services PMI comes in at 56.5 against 55.4 consensus

The S&P Global Services PMI for the United States was released today at 56.5. This figure came in above the market consensus forecast of 55.4. The previous month’s reading for the index was 54.6. The actual print represented a 2.0% surprise when compared to the consensus estimate.

Following the release, initial market reactions were measured across several currency pairs and gold. Fifteen minutes after the data, AUDUSD moved -2.1 pips, EURUSD moved +4.2 pips, GBPUSD moved +6.9 pips, and NZDUSD moved +3.2 pips. USDCAD moved -2.0 pips, USDCHF moved -0.3 pips, and XAUUSD moved -6.6 pips. USDJPY moved -23 pips. For most pairs, these measured moves so far are small relative to their median 1-hour moves, which typically range from 9 to 33 pips after past releases. USDJPY’s -23 pip move is larger than its median 1-hour move of 15 pips.