EUR/USD, USD/JPY eye US PMI: services 57.9 miss, prices fastest since 2022

The source reports no price move, pip figure or technical levels. The US S&P Global flash October services PMI came in at 57.9, just below the 58.0 expected and down from 59.8 prior. Manufacturing beat forecasts at 56.0 versus 55.5 expected, though it eased from 57.0 prior. The composite index slipped to 57.6 from 58.4. The details were firmer than the headlines. Selling prices rose at the sharpest rate since August 2022, and new orders reached their highest level in over four-and-a-half years. Business output expectations for the next 12 months cooled from September but remained the second highest of the year. Last month's jump in this survey was taken by the market as a hawkish signal. This month's print is softer on the headlines, but the inflationary price component keeps that theme relevant for US dollar traders. For USD pairs, the release offers mixed signals: a marginal services miss and a lower composite, offset by strong demand and accelerating price pressures that may keep rate expectations in focus.