Controversy surrounds today’s trading event which is the Institute for Supply Management, Purchasing Manager’s Index covering the Services sector of the U.S economy. May’s manufacturing index data release yesterday suffered a technical glitch showing a contraction rather than expansion which was later fixed. Statements released by the Institute detail that the data today will be double checked manually to avoid any misinformation being released to the market.
Non- Manufacturing PMI 14:00 GMT
- The forecast for today’s report stands at 55.6, up from 55.2 in April.
- The Non-Manufacturing Business Activity Index increased substantially to 60.9%, up from 53.4% in March, reflecting the 57th consecutive month of growth.
- Perhaps the most indicative component of the report; the employment index decreased to 51.3% indicating whilst employment growth slowed, employment was expanding for the second consecutive month.
- Banc de Binary analysts predict that the services sector will continue to expand into the second quarter, indicating an upward movement in the USD/JPY.