Investing.com - Service sector activity in the U.S. grew at the slowest pace in more than a year in May, dampening optimism over the strength of the economy and dimming prospects for higher interest rates, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell to 55.7 last month, below forecasts for a reading of 57.0 and down from 57.8 in April.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
EUR/USD was trading at 1.1234 from around 1.1214 ahead of the release of the data, GBP/USD was at 1.5320 from 1.5303 earlier, while USD/JPY was at 124.09 compared to 124.31 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.55, compared to 95.72 ahead of the report.
Meanwhile, U.S. stock markets were mildly higher after the open. The Dow 30 tacked on 0.35%, the S&P 500 inched up 0.25%, while the Nasdaq Composite advanced 0.4%.
Elsewhere, in the commodities market, gold futures traded at $1,190.50 a troy ounce, compared to $1,189.90 ahead of the data, while crude oil traded at $60.86 a barrel from $60.80 earlier.
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U.S. ISM non-manufacturing PMI falls to 13-month low in May
Published 03/06/2015, 15:02
Updated 03/06/2015, 15:03
U.S. ISM non-manufacturing PMI falls to 13-month low in May
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