• S&P Services PMI rose in September but stayed below 50.
• US Dollar Index clings to strong daily gains above 111.00.

The S&P Global Services PMI for the US recovered to 49.3 (final) in September from 43.7 in August. This reading came in slightly better than the flash estimate and the market expectation of 49.2.

Additionally, the Composite PMI rose to 49.5 (final) from 44.6 in August, compared to the previous estimate of 49.3.

Commenting on the data, "with service sector activity declining for a third straight month in September, businesses have faced a tough third quarter," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "Economic growth has come under pressure from falling output in both the manufacturing and service sectors, though in both cases September has seen some encouraging signals that business conditions may be starting to improve."

Market reaction

The US Dollar Index preserves its bullish momentum and was last seen rising 1.05% on the day at 111.35.