Data release on Wednesday showed that the US non-manufacturing activity accelerated over the course of August. Following the report, the EUR/USD marked high volatility, albeit the European single currency gained only 5 pips or 0.04% against the US Dollar to the 1.1930 mark and failed to sustain the position until the Thursday morning session.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month’s figure of 53.9. An expansion was fuelled by strong increase in new orders and employment, suggesting the weaker job growth registered last month was temporary. Data indicated the US economy is set to gather momentum early in the Q3.
