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The weakest US services PMI reading

The weakest US services PMI reading | 09 January 2023

09 January 2023, GBP/USD

The weakest US services PMI reading

GBPUSD trading plan:

U.S. services industry activity contracted for the first time in more than 2-1/2 years in December amid weakening demand, while the pace of increase in prices paid by businesses slowed considerably, offering more evidence that inflation was abating. The Institute for Supply Management said its non-manufacturing PMI dropped to 49.6 last month from 56.5 in November. It was the first time since May 2020 that the services PMI fell below the 50 thresholds, which indicates contraction in the sector that accounts for more than two-thirds of U.S. economic activity. Outside the COVID-19 pandemic slump, this was the weakest services PMI reading since late 2009. The index is also now below the 50.1 level, which the ISM says over time is consistent with a recession in the broader economy.

Investment idea: buy 1.2105 and take profit 1.2195.

David Johnson
Analyst of «FreshForex» company
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