The U.S. S&P Global Services PMI in March reported that business activity in the sector was slowing sharply, falling into contraction territory for the first time since January 2023 amid higher inflation and the war in the Middle East.
According to S&P, the index fell from 51.7 in February to 49.8. They noted that: “Overall, this was the lowest index reading in over three years and consistent with a fractional decline in activity.”
Rising input prices due to soaring energy costs are one of the reasons weighing on the services sector, the report says: “the latest price data signals continued above-trend inflation in input costs, with overall prices rising at their largest rate yet in 2026.”
Chris Williamson, chief business economist at S&P Global Market Intelligence, wrote: “The services sector contracted for the first time since January 2023, pushing the overall economy to a near-slow growth rate of 0.5% for the year in March. The hardest hit were consumer-facing services sectors, where, barring pandemic lockdowns, the downturn in March was one of the sharpest on record since data became available in 2009.”
He added that “The key to the deteriorating growth trend is spending restraint in the face of deteriorating affordability, with costs and selling prices rising sharply in March as energy prices soar.”
Market reaction to non-agricultural employment data
The US Dollar (USD) remains stable after a moderate rally following the Nonfarm Payrolls report, with the US Dollar Index (DXY) seeing modest gains above 100.00.
Today’s US dollar price
The table below shows the current percentage change of the United States Dollar (USD) against the major listed currencies. The US dollar was strongest against the New Zealand dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.10% | 0.09% | -0.03% | 0.18% | 0.08% | 0.33% | 0.07% | |
| EUR | -0.10% | 0.03% | -0.11% | 0.08% | 0.09% | 0.21% | -0.03% | |
| GBP | -0.09% | -0.03% | -0.13% | 0.06% | 0.08% | 0.19% | -0.06% | |
| JPY | 0.03% | 0.11% | 0.13% | 0.21% | 0.21% | 0.33% | 0.07% | |
| BOOR | -0.18% | -0.08% | -0.06% | -0.21% | 0.02% | 0.14% | -0.12% | |
| AUD | -0.08% | -0.09% | -0.08% | -0.21% | -0.02% | 0.11% | -0.14% | |
| NZD | -0.33% | -0.21% | -0.19% | -0.33% | -0.14% | -0.11% | -0.26% | |
| CHF | -0.07% | 0.03% | 0.06% | -0.07% | 0.12% | 0.14% | 0.26% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select the US dollar from the left column and move along the horizontal line to the Japanese yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
