June S&P Global Preliminary Manufacturing PMI to remain in contraction, Services PMI set to decline.
Potential surprises to the US PMI data will infuse intense volatility, impacting the Federal Reserve expectations.
EUR/USD corrects from monthly top from above 1.1000 ahead of the US data release, eyeing a rebound.
The S&P Global US Purchasing Managers Index (PMI) measures the activity level of private sector businesses through a survey conducted on a monthly basis. On Friday, June 23, the company will publish the June preliminary estimates of Manufacturing PMI and Services PMI for the United States (US).
As the US Federal Reserve (Fed) remains determined to bring inflation back to its 2% target, the longer period of higher borrowing costs is already negatively impacting businesses, which has led the economy to the brink of recession.
Back in May, the S&P Global preliminary US Manufacturing PMI fell for the first time in five months to 48.5, returning to contraction after a brief one-month stint in expansion territory. The Services PMI Index rose to 55.1 from 53.6, outpacing the market consensus of 52.6.
Commenting on the renewed decline in the US manufacturing sector activity in May, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, warned that “we are likely to see further downward pressure on both output and prices for goods in the coming months, thanks to the demand environment which has been hit by higher interest rates, the increased cost of living, economic uncertainty and a post-pandemic shift in spend from goods to services
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