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Today Markit services PMI data was released at 14:45 GMT in US.
- The report showed that service sector business activity rose to 57 from 54.2 in January 2015 and in line with 2014 average of 57.1
- Payroll numbers picked up in the service sector, making it the sustained job growth of 5 years.
- Overall business volume increased and cost burden has decreased.
- Composite PMI is up from 54.4 in January to 56.8 in today's reading.
The rise in the PMI figures are broadly in line with an anticipated GDP growth of 3%. This affirms the bullish outlook for the US economy and dollar. FED is expected to raise interest rate this year.
Dollar index is currently trading at 94.57 flat for the day.
