US ISM Services PMIs beat expectations – Market overview

Prices paid are still way too high for a comfortably dovish FED, but it seems like this component isn't accelerating anymore.

For the rest, nothing shocking: The employment component is still in contraction but not disastrous and new orders are increasing again, a positive after the tariff-led decrease.

You can access today's ISM report right here.

Next step will be tomorrow's NFP release which will shape up, with the September FOMC Meeting (September 18), the tone for the rest of the year.

Don't forget to stay in touch with the views from NY FED's Williams coming up at 12:05 (holds high influence on the FED and votes at every meeting) and later today Goolsbee's meetings (voter in 2025).

For now the US picture looks like a cooling one (far from catastrophic!).

Except for a major downward surprise tomorrow, there shouldn't be any reason to panic.

Market reactions are very muted as Participants stay put for tomorrow's session – Anxiety is still high.

Only notable move would be Cryptocurrencies still seeing some profit-taking flows.

Safe Trades!

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.

Elior brings over seven years of experience in financial markets to our analyst team. Since 2018, he has actively engaged in observing, charting, and trading, driven by his passion for mastering market dynamics. With a profound understanding of the geopolitical and macroeconomic forces that shape market movements, Elior focuses on analysing the impact of breaking news, market sentiment, and critical economic data releases on trading flows.

As a versatile analyst, he contributes powerful insights to the team, effectively integrating geopolitical and technical analysis to provide clear and comprehensive market perspectives.

Prior to joining our team, Elior honed his expertise as a Fixed Income Trader and Market Analyst at the Montreal Exchange.