S&P Global PMIs to Reaffirm Steady Business Growth in US

The upcoming release of the S&P Global PMIs for July is expected to show steady business growth in the US, according to forecasts. The surveys of top private-sector executives are seen as an early indicator of the country's economic health.

Market participants anticipate the S&P Global Services PMI to decline slightly to 51.0 from 51.2 in June, while the S&P Global Manufacturing PMI is expected to edge higher to 54.5 from 53.9. Both prints remain in the expansion territory above 50.

The surveys also include comments on employment and input inflation, which could influence the US Dollar's valuation. Although the softer-than-expected June inflation data eased bets for a Federal Reserve interest rate hike in July, recent oil price increases have caused investors to refrain from pricing in a prolonged policy hold.