ISM services PMI contraction signals slowing US economy, dollar drops, pound steady, Wall Street rallies.

From Investing.com: 2024-07-04 05:53:00

The ISM services PMI unexpectedly contracted in June, signaling a slowing US economy. Treasury yields and the dollar dropped, but Wall Street rallied in response. The pound strengthened amid UK elections and increased risk appetite. Expectations for a September rate cut rose after the PMI fell further below 50 in June, highlighting economic slowdown. Fed officials are monitoring inflation and considering easing measures. The yen gained as the dollar slipped, with Treasury yields decreasing. The pound rose on labor win expectations. Global markets reached new highs, but cryptocurrencies are experiencing lows due to weak US economy concerns.



Read more at Investing.com: US Dollar Skids on ISM Services Dip, Pound Steady as UK Votes