- US Markit Services PMI climbed to a fresh series high in April.
- US Dollar Index stays relatively calm around 91.30.
The economic activity in the US service sector expanded at an impressive pace in April with the IHS Markit's Services PMI rising to 64.7 (final), new series high, from 60.4 in March. This reading came in better than the market expectation and the flash estimate of 63.1.
Further details of the publication revealed that the Composite PMI rose to 63.5 from 59.7 in March.
Commenting on the data, "thanks to the cocktail of a successful vaccine roll-out, the reopening of the economy, ultra-accommodative monetary policy and injection of fresh fiscal stimulus, businesses are reporting the strongest surge in demand seen for at least a decade," said Chris Williamson, Chief Business Economist at IHS Markit.
"Indicators of price pressures and capacity constraints will need to be monitored closely to assess whether such price rises are transitory," Williamson added.
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily gains at 91.22.
