TD Securities Global Strategy Team assess the latest ISM Services PMI report from the US.
Supply chains continue to improve The ISM services index came in below expectations, dropping by 1.2pp to 51.4 in March . The decline was driven by a notable 3.5pt retreat in supplier deliveries, suggesting no issues in the deliveries pipeline as supply chains continue to improve. New orders also retreated by a meaningful 1.7pt to 54.4, which signals less perky demand ahead, all else equal.
The indicator is obtained from a survey of supply executives across the US based on information they have collected within their respective organizations. Survey responses reflect the change, if any, in the current month compared to the previous month. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the US Dollar . A reading below 50 signals that services sector activity is generally declining, which is seen as bearish for USD. Read more.
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