Shop until you drop – the restless US consumer should never be underestimated, and fresh strength from services activity, America's largest sector, al
so warrants caution. The Federal Reserve fears an acceleration of "sticky" inflation, and any positive surprise in the sector’s performance may spook the bank and markets. For the US Dollar, it may mean another boost.Why is ISM Services PMI important?
The sector has been expanding in 37 of the past 38 months, scoring over 50 points in the ISM Services PMI. The single dip came in December 2022, and since then it has been hovering above that threshold, scoring 52.7 points in the last read for July. August’s figure is expected to be almost identical – 52.6 points. The indicator is not only important due to the sector's size, but also because of the current focus of the Federal Reserve.
Economic activity in the sector remains stubbornly high, meaning sticky inflation is hardly retreating. If economists' projections are right and the ISM Services PMI holds up above 52 points, rate cuts will likely have to wait for longer. Markets will not like it.need lower interest rates to become more attractive. For the US Dollar, there is room for further gains, as it would show that the American economy continues outperforming.
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