Better-than-expected US ISM PMI signals service sector growth

Markets get risk averse on rate hike division

By Nadia Elbilassy | @Nadia Elbilassy | 7 September 2023

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  • US stock futures mixed on ISM services PMI impact and Fed rate pause speculation

  • Beijing's ban on government officials using iPhones affects Apple shares and disrupts the tech sector moves

  • EUR/USD remains near three-month lows

Market watch of the day!

US Futures

U.S. stock futures indicated a mixed opening for Wall Street equities as investors assessed the better than expected ISM services PMI released overnight and the influence it could have on the Fed calling pause.

The US ISM services PMI rose to 54.5 vs 52.7 previous, indicating growth in the services sector. This could be an added pressure for markets as good news have become bad news for the Fed to raise rates.

Furthermore, reports of Beijing prohibiting government officials from using iPhones at work had a negative impact on Apple shares, disrupting the tech sector.


Earlier this morning gold prices were flirting with the $1915 region, but at the time of writing this, prices are currently found some stability at $1920. Despite the struggle at the lower ranges witnessed this week, Markets expect gold prices to be in a strong trading range especially as they touch above $1935 hurdles.


EUR/USD continues its sideways movement during the European session on Thursday. The pair remains close to its lowest point in three months, with the US Dollar holding onto recent strength in the midst of a risk-averse market environment.

Meanwhile focus moves to a slew of economic indicators set to be released tomorrow including Germany’s final CPI and Japan’s GDP.


The AUD/USD pair continues to face downward pressure, flared by the RBA to keep policies unchanged for the 3rd consecutive time. However prices are still hovering above 0.6350 that’s giving bulls hope in the near term.