The US ISM Manufacturing PMI was released yesterday afternoon, posting better than expected at 59.7, up from 58.2 the previous month. The bullish data provided the Greenback with a boost, as the sector continues to show signs of expansion. The FOMC meeting minutes were also released yesterday evening, from the last policy meeting. The minutes showed as the markets expected that almost all the members voted for a rate hike. Members opposing the hike cited low inflation as their main reason and are thought to prefer that the Fed continue to monitor the inflation levels before hiking the rates again.
The UK released the Services PMI for December today, which met expectations posting 54.2, up from last month’s 53.8. The report shows business activity within the service sector had shown signs of growth. However, the respondents mentioned they had seen a rise in operating expenses, the fastest for three months, as transportation costs, staff salaries and utility bills continued to rise. The Sterling remained unchanged by the reading.
Across the pond, the US will be releasing their Weekly Unemployment Claims figure, which is expected to post 224k. The ADP Non-Farm Employment Change is expected to post 192k, up from last month’s 190k. The weekly Crude Oil Inventories figure is also set to be released at -5.2m.