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U.S. flash service PMI rises slightly in April

U.S. flash service PMI rose slightly in April. The seasonally adjusted IHS Markit flash Services PMI Business Activity rose to 54.4 from March’s 54. Even though it is below the long-run series average, the latest reading indicated the 26th consecutive month of output growth at service sector companies.

New business at service providers rose in April. Markedly, the pace of growth was the most rapid since March 2015 and led to a strong rise in outstanding business. Average cost burdens continued to rise in April, with the pace of input price inflation rising slightly since March. Meanwhile, average prices rose at a pace widely consistent with that observed in March, albeit one that was weaker than seen for input costs.

At 15:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bullish at 122.882. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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