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Forex

Strong PMI Data Boosts US Dollar Hike Bets

Guavy AI Editorial Team
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USD
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The US Dollar (USD) continues to climb as strong PMI data reinforces expectations of another Federal Reserve rate hike. The preliminary S&P Global US Composite Purchasing Managers’ Index rose to 58.4 in September, beating forecasts and adding to inflation concerns.

Manufacturing PMI climbed to 57.0, while Services PMI rose to 58.7. Both readings improved from August.

The strong PMI figures give policymakers more room to focus on inflation. Fed Governor Michael Barr said US growth is strong and the labour market is solid, but inflation remains a concern.

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