In a remarkable turn of events, the US S&P Global Composite PMI surged to 54.4 in May's flash estimate, marking a significant uptick from April's 51.3. This unexpected boost suggests a robust expansion in business activity across the US private sector.
The positive momentum extends to the manufacturing sector, with the S&P Global Manufacturing PMI climbing to 50.9 from 50.0, indicating notable growth. Similarly, the S&P Global Services PMI rose to 54.8 from 51.3, reflecting a solid improvement.
Following the release of these encouraging figures, the US Dollar Index (DXY) swiftly recovered most of its earlier losses, signaling market optimism.
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